Russia, Egypt Sign Agreements on Joint Oil, Gas Production

Other News Materials 27 December 2006 16:11 (UTC +04:00)

(mosnews) - Russia's state-controlled gas monopoly Gazprom said that it has reached an agreement with two Egyptian companies on joint prospecting, exploration and production of oil and natural gas in Egypt, reports Trend.

During talks in Moscow, Gazprom, Rashid Petroleum Company and Egyptian Natural Gas Holding Company (EGAS) agreed to form working groups on prospecting, exploration, transportation and sales of Egyptian oil and gas, including liquefied natural gas.

The sides also discussed sales of Russian oil-and-gas equipment to Egypt, the Russian company said.

Egypt has Africa's third largest natural gas reserves after Algeria and Nigeria. The country's reserves are estimated at 1.89 trillion cubic meters. The total length of Egypt's gas pipelines is 4,700 kilometers (about 3,000 miles).