Arab Finance: The Egyptian Cabinet has approved a draft law authorizing Ministry of Petroleum to sign a contract with LukOil Overseas Egypt Ltd and the Egyptian General Petroleum Corporation (EGPC) for oil discovery, development, and exploitation in the West Esh El-Milaha area in the Eastern Desert, according to an official statement on September 20th.
It is worth noting that LukOil Overseas is a subsidiary of Russia's oil and gas company LUKOIL.
The cabinet also approved an offer submitted by the UAE’s AMEA Power to implement new renewable energy projects in Egypt.
The projects include adding 1,000 megawatts to the capacity of its solar energy project in Aswan and implementing a wind energy project with a capacity of 500 megawatts in Ras Gharib.
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