Egypt signs oil, petroleum agreements worth $506 million

The petroleum ministry says the multi-million-dollar agreement with TransGlobe Energy Corporation and Pharos Energy is for exploration and production in its eastern desert and western desert region.

DUBAI - Egypt has signed crude oil and petroleum agreements worth $506 million for exploration and production in its eastern desert and western desert regions with TransGlobe Energy Corporation and Pharos Energy, the petroleum ministry said in a statement on Thursday.