Egypt signs deal with Kuwaiti firm to search for oil in Iraq

Egypt has signed a partnership deal with a Kuwaiti firm to search for oil in Iraq, AlkhaleejOnline reported a senior minister saying yesterday.

Egyptian Minister of Petroleum Tariq Al-Mulla said that according to the partnership deal the Kuwait Energy conceded 10 per cent of its ownership of an area in Basra, southern Iraq.

This deal activates the agreement which was signed during the conference held in the Egyptian resort city of Sharm El-Sheikh aimed at bolstering the Egyptian economy.

Kuwait Energy was established in 2005 and it has been working as a private sector firm to search and produce oil and gas in the Middle East and North Africa.