Egypt Secures International Deals for Energy Exploration
Egypt has entered into four international agreements valued at over $340 million to explore gas and oil in the Mediterranean and Nile Delta. This includes a $120 million deal with Shell and a $100 million deal with Italy's Eni.
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In a significant move to bolster its energy sector, Egypt has signed four lucrative agreements with international companies totaling more than $340 million. These deals aim to explore gas and oil reserves in the Mediterranean and Nile Delta regions, the country's Petroleum Ministry announced on Saturday.
The agreements entail a partnership with renowned energy giant Shell, valued at an impressive $120 million, alongside a $100 million contract sealed with Italy's major player, Eni. The details further underscore the strategic importance of these regions in meeting global energy demands.
The Ministry's statement highlights how these explorative ventures reflect Egypt's commitment to enhancing its energy production capabilities. This strategic collaboration with international companies is part of an ongoing effort to attract foreign investment and to subsequently boost the nation's economic prospects.
(With inputs from agencies.)
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