Egypt approves new oil agreements worth $700bn

Oil drilling rigs16 October 2013, Cairo – The Egyptian cabinet has signed new 16 agreements for oil exploration worth USD 700 billion, said Minister of Petroleum Sherif Ismail, unveiling a plan to drill up to 109 exploratory wells over the next period.

The minister said that negotiations with Iraq and Libya to provide Egypt with crude oil have been halted, pointing out to the continuation of the monthly-imported crude oil from Kuwait, currently stands at 2 million barrels, besides the other grants pledged by the Gulf states to Egypt.

Ismail added that negotiations are underway to increase oil shipments from Kuwait, Saudi Arabia and UAE.

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