Global Arab Network | Egypt, Italy sign strategic cooperation agreement in oil exploration

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Egypt, Italy sign strategic cooperation agreement in oil exploration

Wednesday, 28 July 2010 17:46

Egypt and Italy sign a strategic framework agreement for cooperation in the field of exploration, production and transfer of hydrocarbon.

The agreement is in implementation of a cooperation initiative signed during a summit between President Hosni Mubarak and Italian Prime Minister
Silvio Berlusconi in Sharm el-Sheikh in 2009 to promote cooperation in the various development domains.

Oil Minister stressed following the signing of the Convention the importance of the agreement that contribute in strengthening the cooperation between the Egyptian Petroleum Sector and ENPPI Italian, foundation which began in 1954, and will give impetus power to ENPPI institution & make it the main producer of oil in Egypt, pointing out that the initiative includes a common cooperation in the Nile Basin and the Mediterranean Sea outside the Egyptian border through a partnership between the Egyptian Petroleum Sector and the Italian company and the exchange of information and studies between the parties to pursue research projects and joint development in the field of oil and gas.

He pointed out that the agreement includes participation in some areas of excellence oil obtained by ENPPI in Iraq and Gabon.

It is the first time in the history of the oil industry of Egypt's partnership with international companies for exploration of oil and its production abroad. (SIS)

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