Al Mal reported that the BRICS member of the Egyptian member was made a month after the US targeted Lukoil with new sanctions.
Russia's "petroleum" giant will invest at least $ 22.5 million within 6 years in the Southern Wadi Al-Sahel Petroleum Concession, Al Mal reported on October 10.
Different from the traditional bidding process, this franchise was granted through a direct agreement between the Egyptian Petroleum and Lukoil.
RT said, Lukoil has not yet confirmed the agreement with the Russian media.
The above agreement is part of a number of oil and gas development projects that the Egyptian government has reached an agreement with foreign companies earlier this month. The total value of projects is about US $ 225.3 million, including projects in the desert western and northern Sinai.
Lukoil is one of the world's largest oil and gas companies trading publicly, accounting for about 2% of the world's oil production. This is Russia's largest private company in terms of revenue.
Last month, the United States imposed a new sanctions on Russia's energy industry, targeting a number of oil companies, including Lukoil and the CEO of the company, Vadim Vorobyov.
Immediately after the limitations were given, the company appointed a new CEO. The founder of Lukoil, Vagit Alikperov, was punished by the United States by 2022, right after the escalating Ukrainian conflict.
Lukoil has been operating in Egypt's energy industry for more than two decades. Currently, the company is implementing the ESH El-Mallaha Production Project in the eastern desert, as an operator and owns 50% of the shares. The company also owns 24% of the shares in the Meleiha project in the western desert.
Egypt has become a member of BRICS - formerly including Brazil, Russia, India, China and South Africa - in 2024. Along with Egypt, this group also welcomed members of the Arab Emirates Unified, Ethiopia, Iran and Indonesia.
Egypt still holds a neutral stance on the conflict in Ukraine, emphasizing the importance of dialogue and diplomatic solutions.
