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GSPC to enter profit sharing pact with Egypt
- Egypt: Thursday, January 24 - 2008 at 07:05
GSPC may enter into profit-sharing agreement with Egypt in February to start oil and gas exploration in two blocks in the country, reported Business Line. The Gujarat-State PSU holds 50 per cent operating stakes each in North Happy (offshore) and South Diyur (onshore) blocks in Egypt. India-based Alkor Petroo (20 per cent) and Calgary-based GeoGlobal Resources (30 per cent) are two other partners in both the blocks. The consortium has already entered into a draft (or initial) profit-sharing agreement with the government of Egypt. The draft was duly approved by the Parliament of Egypt.
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Amena Bakr, Senior ReporterThursday, January 24 - 2008 at 07:05 UAE local time (GMT+4)
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