VOL. XXXIX

No. 33

13-May-1996

EGYPT

EGPC Withdraws Komineft's West Ismailia Permit

MEES understands that the Egyptian General Petroleum Corporation (EGPC) has withdrawn Komineft's 21,200-sq. km. West Ismailia permit, located west of the Suez Canal, because the Russian company had defaulted on the oil and gas exploration and production sharing agreement it signed with EGPC last October (MEES, 15 October 1995). The agreement had required Komineft to spend $9.5mn and drill six wells over...