Naftogaz of Ukraine to sell its Egyptian assets

The Egyptian assets bring no profits for the company and there is no need to invest into them, told Naftogaz CEO Andrey Kobolev. Ukrainian oil and gas major won the tendering procedure in Egypt for exploitation of the site in Alam El Shawish East in the desert amounting to 994sq.m. The tender started in 2004 and in two years Naftogaz of Ukraine, the Egyptian oil and gas major and the Arab Republic of Egypt signed a concession agreement for 27 years of exploitation. The exploration period was set for three years. The investments into exploration were drafted to amount to USD 20mln. Later in February 2012, Naftogaz of Ukraine  and Egyptian state owned GANOPE signed still another concession agreements for sites of Wadi El Mahareeth and South Wadi El Mahareeth totaling 20 000sq.m.