Middle East Economic Survey

VOL. L

No 44

29-October-2007

EGYPT

Russias Novatek Begins International Expansion With Offshore Egyptian Foray

Russias Novatek is set to invest $85mn in exploring for oil and gas in Egypts Mediterranean offshore, together with its joint venture partner, state-owned Tharwa Petroleum, according to the official Egyptian news agency MENA. The Russian firm acquired a 50% working interest in the offshore El-Arish block, which covers around 2,300 sq km and lies adjacent to the...