Egypt invites Russia to join oil exploration, production licensing rounds

Egypt is inviting Russian oil and gas companies to take part in international licensing rounds for the right to prospect and produce hydrocarbons, a draft intergovernmental protocol obtained by RIA Novosti Tuesday stated.

“All the details, terms and conditions will be sent to Russia through diplomatic channels,” the draft protocol reads.

The sides additionally agreed to cooperate on developing unconventional sources of hydrocarbon and expressed interest in oil and gas equipment manufacturing.

“Both sides acknowledged the benefits of cooperation between Egypt and Russia and expect to develop cooperation in the field of liquefied natural gas sales, oil and gas, as well as in the exploration and production of hydrocarbons,” the draft protocol continues.

Egypt also invited Russian companies to take part in oil refining and petrochemicals investment projects.

Russia’s energy cooperation with Egypt extends into the nuclear and clean energy fields. The countries signed an agreement in November to build the Arab republic’s first nuclear power plant, while Egypt’s renewable energy authorities told Sputnik last month that the sides intended to jointly manufacture low-speed wind turbines.

The Russia-Egypt intergovernmental committee met in Cairo on January 31-February 2.

Source: Sputnik