Russian firm switches to natural gas

A major Russian oil company has decided to set up joint projects with Egypt in natural gas. Egypt produces 22.7 billion cubic meters of natural gas annually.

Lukoil invested $ 18 million in Egyptian petroleum ventures ten years ago, but since the agreement was signed last June between the company and the Ministry of Petroleum, Lukoil is to turn its attention to prospecting for natural gas and production projects, a Russian daily newspaper said.

A gas liquefaction plant is to come into operation in Egypt by the end of this year, and liquid natural gas will be exported to the European Union, the newspaper said, an Egyptian report said.