Today, the Gazprom Headquarters has hosted a working meeting of Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee, Hany Soliman Ali, First Undersecretary of the Egyptian Ministry of Petroleum, Sherif Soussa, Chief Executive Officer of Rashid Petroleum Company and Ibrahim Ahmed, Vice Chairman for Planning & Projects of EGAS (Egyptian Natural Gas Holding Company).

The parties addressed the major directions of the cooperation between Gazprom and Egyptian companies in the oil & gas sector as well as agreed on concrete steps to intensify the work in the promising areas.

A focus was placed on deeper cooperation in the Egyptian upstream sector, LNG production and supply, Egyptian gas export to the Middle East countries and sci-tech area. The parties also agreed to create Working Groups for oil and gas, LNG inclusive, exploration & production, transportation & marketing. Additionally, the parties discussed the issue surrounding oil and gas equipment purchases from Russia.

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Egypt’s proven gas reserves currently make up 1.89 tcm. The length of the national gas pipelines is 4.7 thousand km.

At present, Egyptian gas is exported both as pipeline gas and LNG. Egypt is the world’s fifth largest LNG exporter.

Egypt’s government is the general regulator of the domestic energy sector via the state run Organization for Energy Planning (OEP), Petroleum Ministry and Energy Ministry. Several areas of the energy sector are governed by state owned EGPC (Egyptian General Petroleum Corporation) and EGAS (Egyptian Natural Gas Holding Company).

In March 2005, Gazprom and EGAS signed a Memorandum of understanding, which stipulates the cooperation in gas exports, oil & gas equipment and drilling units manufacture as well as associated services.

On April 14, 2005, Cairo hosted the 1st meeting of the Joint Coordinating Committee.

On December 4, 2006, Alexey Miller, Chairman of the Gazprom Management Committee visited Cairo and met Sameh Samir Fahmi, Egyptian Petroleum Minister, Rachid Mohamed Rachid, Egyptian Foreign Trade & Industry Minister and Sherif Ismail, Chairman of EGAS.