Ukraine's Naftohaz Ukrayiny won a tender to develop oil and gas deposits in Egypt.
The Interfax-Ukraine news agency reported Monday that the international tender was to develop deposits at Alam El Shawish East in the western Egyptian desert.
A concession agreement involving Egypt, Naftohaz Ukrayiny and the Egyptian General Petroleum Corp. was signed in Cairo December 13, the news agency quoted Naftohaz Ukrayiny's press service as saying Monday.
Egyptian Oil Minister Samih Fahmi said the Ukrainian firm will spend $30 million on the survey of the field, which has an area of 376 square miles.
The concession agreement is for 27 years.
The first three years will be the priority survey period and the projected recovery period is 5 = years, the company.
Source: UPI
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