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Hellenic Petroleum signs Egypt exploration deal October 14, 2007

Posted by grhomeboy in Business & Economy.
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Hellenic Petroleum said yesterday it has signed an oil and gas exploration and production deal in Egypt as part of a consortium, extending its activities abroad.

The refiner said the initial four-year agreement can be extended to nine years and covers an area of 57,000 square kilometers in the Mesaha region near the Sudan border in upper Egypt. The consortium, which includes Melrose Resources, Oil Search, Egypt’s state authority Ganoub El Wadi and the Ministry of Petroleum, has committed $14.3 million to the deal. Hellenic Petroleum has a 30 percent stake in the group.

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