EGYPT

EGPC Approves Acquisition by Japanese Group of 25% Stake in Zafarana Concession

On 28 December 1985 the Egyptian General Petroleum Corporation (EGPC) approved the acquisition by the Japan Suez Petroleum Development Company Ltd. of a 25% interest in the offshore Zafarana concession, northwest of the October field in the Gulf of Suez. The company, which was formed on 22 October 1985, is composed of Teikoku Oil (60%), Mitsui Oil Development (30%) and Daiichi Oil Development (10%), but...