Egypt grants Russian company petroleum concession in strategic area

Cairo - Saba:
Egyptian media revealed, on Monday, that Egypt has agreed to grant a Russian company a petroleum concession in a strategic area, after the latter submitted an offer of more than $20 million.
The Egyptian newspaper "Al Mal" quoted unnamed senior sources as saying in statements that the Egyptian government, represented by the Ministry of Petroleum and the South Valley Holding Company, granted the Russian company "Lukoil" the rights to exploit the "South Valley Al-Sahel" petroleum concession, west of the Gulf of Suez, by direct order.
The mechanism of the direct order differs from the traditional bidding system, which allows companies to submit comprehensive offers to obtain specific concession areas, which are evaluated by the competent authorities, for acceptance or rejection.
According to reports, the Russian company "Lukoil" submitted an offer to the Egyptian government that includes pumping investments worth a minimum of $22.5 million, with its commitment to drill 6 exploratory wells distributed over two periods of research and exploration.
The agreement came after a meeting between the Egyptian Minister of Petroleum, Tarek El Molla, and the Vice President of the Russian company "Lukoil", Ivan Romanovsky.
It is noteworthy that the Russian company "Lukoil" concession areas in Egypt include several sites, including the Maliha area in the Western Desert, where it owns a 24% stake in partnership with the Italian company "Eni", as well as the West Esh El Malaha area and its extensions in partnership with the Egyptian company "Tharwa Petroleum" with a percentage of 50% for each party.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Saba Yemen

16 hours ago

• Saba Yemen

Italian Journalists Denounce Zionist Enemy's Crimes Against Journalists in Gaza

Rome - Saba: Dozens of Italian journalists and media professionals participated in a vigil on Sunday evening in Rome's Porta San Giovanni Square, condemning the crimes committed by the Zionist enemy against Palestinian journalists. The protesters carried pictures of the martyred journalists who were killed during the Israeli genocide and demanded respect for international law, concrete initiatives to halt the Israeli genocide in Gaza, an immediate withdrawal from the Strip, and the entry of UN and international aid into Gaza, according to the Palestinian News Agency (WAFA). Participants issued a statement during the event, affirming that "what is happening in Gaza before our eyes is a genocide, in which Israel has killed 226 journalists—an unprecedented death toll in history, surpassing even major conflicts of the 20th century." They added, "Thanks to these colleagues, the world has learned what has happened and continues to happen in Gaza, especially since Israel bars international media from entering the Strip and commits deadly attacks against Palestinian journalists and their families." The protesters rejected the double standards in media coverage when it comes to Israel's victims and called on Italian and European media to freely use the term "genocide" to describe the events in Gaza. They urged Italian news agencies and official institutions to take a firm stance, stating that silence is no longer acceptable, and demanded greater mobilization among Italian journalists. Additionally, they called on "Italy and the European Union—bound by specific international obligations—to take action to prevent and halt the ongoing genocide." They also demanded that "Israel respect press freedom and immediately allow international media into Gaza and the occupied territories, as denying this constitutes an arbitrary violation of the right to information and fundamental democratic principles." Whatsapp Telegram Email Print

Saba Yemen

18 hours ago

• Saba Yemen

Russia: Moscow strongly condemns Ukrainian drones hovers over Kazakhstan

Moscow - Saba: Russian Foreign Ministry Spokesperson Maria Zakharova stated that Moscow strongly condemns the flights of Ukrainian drones over Kazakhstan on June 19 and 20, which were likely intended to carry out attacks inside Russian territory. Zakharova said in a statement on the Russian Foreign Ministry's website: "On June 19 and 20, dozens of Ukrainian Armed Forces drones were recorded flying over the territory of the West Kazakhstan region of the Republic of Kazakhstan, which were likely intended to launch attacks on Russia. We strongly condemn such actions against our ally and a member of the Collective Security Treaty Organization." She explained that the incident demonstrates the Kyiv regime's indifference to the territorial integrity of other states, which it increasingly violates. She said: "We call on all responsible governments and relevant international bodies to heed such provocations, respond appropriately to such actions, and, most importantly, publicly distance themselves from the Kyiv regime and its Western proxies, who are recklessly endangering the security of the entire Eurasian region." She noted that Volodymyr Zelensky's regime poses a growing threat not only to Russia but also to the countries "with which Kyiv is verbally trying to build a constructive dialogue." She emphasized that "what happened once again proves the need to strengthen collective security measures within the CSTO." Earlier, Russian President Vladimir Putin stressed that his country does not seek Ukraine's surrender, but rather recognition of the situation that has developed on the ground. During the plenary session of the St. Petersburg International Economic Forum, Putin said, "We are not seeking Ukraine's surrender, but rather insist on recognizing the facts that have developed on the ground." Whatsapp Telegram Email Print

Saba Yemen

2 days ago

• Saba Yemen

Araghchi plans to visit Moscow next Monday to meet with Putin

Moscow - Saba: Iranian Foreign Minister Abbas Araghchi announced on Friday evening that he intends to travel to Moscow next Monday to meet with Russian President Vladimir Putin. In an interview with the American network NBC, Araghchi said that he intends to travel to Moscow on Monday, June 23, to meet with Russian President Vladimir Putin. Earlier on Friday, Vassily Nebenzia, Russia's permanent representative to the UN Security Council, stated that Israeli strikes on Iran's peaceful nuclear sites could lead to an unprecedented nuclear catastrophe, calling on Israel to halt attacks on Iran, especially on nuclear facilities. Whatsapp Telegram Email Print