VOL. XXXVI

NO. 33

17-MAY-1993

EGYPT

Banbi Signs Oil Agreements With Amoco

Egyptian Oil Minister Hamdi al-Banbi last week signed two agreements withAmoco, one for the 734-sq. km. East Shuqair tract in the Gulf of Suez, and theother for the addition of 116 sq. kms. to the 785-sq. km. East Baltim tract inthe Mediterranean north of Egypt's Nile Delta, which Amoco acquired last July(MEES, 12 October 1992). The East Shuqair agreement requires the company to paya signature bonus of $1mn and spend $24.5mn...