Egyptian Minister of Petroleum and Mineral Resources Tarek el Mala said a partnership agreement was signed between Egyptian General Petroleum Corporation (EGPC) and the Kuwaiti Kuwait Energy Company for oil exploration .
The agreement stipulates exploring petroleum and gas in Iraq.
Under the agreement, the Kuwaiti company gave up to the Egyptian side its 10 percent share in the Concession area number 9 in Basra governorate in southern Iraq.
The final agreement was inked in Iraq on Wednesday, the minister underscored, adding that this activates the agreement signed during Egypt Economic Development Conference (EEDC) held at Sharm el Sheikh in March.
El Mala underlined the importance of the partnership agreement that will pave the way for finding new sources of petroleum and gas from outside Egypt.
The agreement will also promote the Egyptian-Kuwaiti-Iraqi ties in the field of joint Arab work, the minister reiterated