Naftogaz to develop assets in Egypt

An annual meeting of shareholders of Petrosannan Company - a joint operating company of Naftogaz of Ukraine and the Egyptian General Petroleum Corporation (EGPC) – was held in Cairo.

"The board and the supervisory board of Naftogaz have set us a clear task - the development of assets in Egypt. We have to fulfill this task well. This area and, in particular, improving the financial and economic performance of the project, are our priorities," First Deputy CEO at Naftogaz Sergiy Pereloma said.

Representatives of Naftogaz also had a separate meeting with Alaa Abd El Fattah Kassem El Batal, Chairman of the Board of Directors at Ganoub El Wadi Petroleum Holding Company (Ganope). The company is a partner under concession agreements on oil and gas exploration and development at the Wadi El Mahareeth and South Wadi El Mahareeth areas in Egypt's Eastern Desert.

The parties discussed the current state of joint projects and the possibility of developing new concession areas in Egypt.

To organize coordinated cooperation of all stakeholders on current and future Naftogaz projects in Egypt, Pereloma also met with Minister of Petroleum and Mineral Resources of Egypt Tarek El Molla.

"I would like to note the constructive position of all parties during this meeting. The minister assured us that Naftogaz is a very important investor for Egypt. He also noted that both the ministry and Egyptian concession partners support all Naftogaz initiatives aimed at improving investment efficiency. He also gave respective instructions," Pereloma said.

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