Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi on Wednesday approved law No.9/2019 which authorises the minister of petroleum and mineral resources to enter into an agreement with the Egyptian General Petroleum Corporation (EGPC) and Dea Suez GmbH.
Under the deal, Ras Budran and El Zeit Bay oil fields in the Gulf of Suez will be developed and explored, the Middle East News Agency (MENA) reported.
In March, Egypt’s petroleum minister Tarek El-Molla inked an agreement with Germany’s DEA Group and EGPC for oil and gas exploration at Ras Badran and El Zeit Bay in the Gulf of Suez with investments not less than $20 million.
