An official statement has revealed that the Egyptian Cabinet has given its approval to a draft law, enabling the Ministry of Petroleum to enter into a contract with LukOil Overseas Egypt Ltd. and the Egyptian General Petroleum Corporation (EGPC).
This agreement pertains to the exploration, development, and utilization of oil resources within the West Esh El-Milaha region situated in the Eastern Desert.
It is worth noting that LukOil Overseas is a subsidiary of Russia’s oil and gas company, LUKOIL.
The cabinet also approved an offer submitted by the UAE’s AMEA Power to implement new renewable energy projects in Egypt.
The project involves expanding the solar energy project in Aswan by 1,000 megawatts and executing a wind energy project with a capacity of 500 megawatts in Ras Gharib.