Middle East Economic Survey

VOL. L

No 26

25-June-2007

EGYPT

Kufpec, Pico To Invest $400Mn In Gulf Of Suez Blocks

Egypts Minister of Petroleum Sameh Fahmi on 14 June in Cairo signed an exploration and development agreement with the private Egyptian firm Pico International and state-owned Kuwaiti firm Kufpec. The new concession agreement covers the Geisum and Tawila West oil fields in the Gulf of Suez, with total investment expenditure, including signature bonuses, expected to amount to around...