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During his visit to Egypt, head of Gazprom Alexei Miller discussed cooperation in the oil-and-gas sphere with the Egyptian leadership
During the talks, the sides discussed, in particular, the possibilities of avoiding competition between Russian and Egyptian companies on the European market after the construction of an Egyptian gas pipeline through Turkey to Eastern Europe, Miller told the journalists on Sunday. "We will coordinate our efforts and work out integration procedures in exchange of gas supplies. It will allow us to save on transit expenses," the head of Gazprom announced at the press conference in Cairo after the meeting with Egypt's Prime Minister Ahmed Nazeef. In his turn, Egyptian Minister of Oil and Mineral Resources Sameh Fahmi told journalists about plans to create a joint Russian-Egyptian gas company. During the talks in Egypt, the sides discussed possible participation of the Russian gas concern in projects on exploration, transportation, refining and distribution of fuel-carriers under way in Egypt, including in the sphere of production and distribution of LNG. In addition, the sides touched upon the issue of resumption of the construction of an underwater gas pipeline from the Sinai Peninsula to the coast of Israel, discussed joint implementation of the Arab Gas Pipeline project, which is supposed to link natural gas producers in Egypt with third-party consumers, including Syria, Lebanon and Cyprus. The Egyptian Prime Minister confirmed the readiness of the Egyptian leadership to support the development of cooperation between Gazprom and Egyptian energy companies. The sides signed a memorandum on the development of cooperation between Gazprom and EGAS, which envisions the creation of a joint working group on the development of future projects, Gazprom press release announces. Confirmed natural gas reserves in Egypt constitute 1.76 trillion cubic meters, which puts Egypt in the third place in Africa after Nigeria and Algiers. The oil reserves in Egypt are estimated at 500 million tons.
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