Egypt sees potential for Lukoil to participate in new oil, gas exploration concessions

MOSCOW. Dec 19 (Interfax) - Lukoil intends to expand its presence in Egypt by participating in new concessions for the development of oil and gas blocks, Egypt's Petroleum and Mineral Resources Ministry said in a statement after a meeting between Minister Tarek El Molla and the Russian oil company's vice president Ivan Romanovsky.

They discussed Lukoil's participation in current concessions to explore for oil and gas in the Western and Eastern deserts, as well as the possibility of further expanding the Russian company's activities in Egypt in connection with its interest, the ministry said.

Lukoil's vice president for North and South America, Africa and Europe reported on working plans and programs being implemented by the company, including its three concession blocks in Egypt, stressing that Lukoil is seeking to strengthen its presence in the country through partnerships in new concession blocks, as well as other areas of cooperation, such as submersible pump units, the ministry said.

El Molla said Lukoil has potential to secure new blocks for oil and gas exploration, since cooperation between Egypt and the company continued for a long time and has seen joint successes.