Cabinet approves assignment of Ras Fanar development area in Gulf of Suez to EGPC

The Sherif Ismail cabinet granted preliminary approval to transferring supervision of oil and gas production in Ras Fanar to the Egyptian General Petroleum Corporation (EGPC), until legislation is issued to govern the region.

Ras Fanar

The cabinet approved Wednesday assigning the development of the Gulf of Suez’s Ras Fanar region to the Egyptian General Petroleum Corporation (EGPC).

According to the decision, EGPC is tasked with supervising the operations of oil and gas exploration in the region till the legislative procedures would be completed to enact a special law handling the zone.

This comes amid the increasing demand on the petroleum products and need in the local market for these products for development purposes.

(Sources: Enterprise.press & Egypt Today)

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