Russia’s Lukoil to invest $73mln in Egypt’s West Esh El Mallaha oil field

Agence France-Presse (AFP)/AFP

The Russian company would proceed with financing Esh El Mallaha Petroleum Company (Eshpetco), including the work program and labor costs

Staff Writer, Arab Finance

December 19, 2023

PHOTO

The Russian energy firm Lukoil will invest $73 million to develop the oil reserves and increase the production capacity of the West Esh El Mallaha oil field in Egypt’s Eastern Desert, Al Borsa News reported, citing a document by Ministry of Petroleum and Mineral Resources.

The company is seeking to extend the 25-year concession contract signed previously with the ministry, which expired recently, for another five-year period, as per the document.

The document added that the Russian company would proceed with financing Esh El Mallaha Petroleum Company (Eshpetco), including the work program and labor costs.

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