Arab Finance: Egypt's Cabinet approved four draft petroleum concession agreements with a combined minimum investment of approximately $52.97 million and commitments to drill at least six wells, covering exploration and production activities in the Mediterranean Sea, Nile Delta, North Sinai, and the Eastern Desert, as per a statement.

The approved agreements include a concession agreement between Egypt, the Egyptian Natural Gas Holding Company (EGAS), and Cheiron Egypt Delta Limited for the exploration and exploitation of gas and crude oil in the East Alexandria Offshore Area in the Mediterranean Sea.

The Cabinet also approved a concession agreement between Egypt, EGAS, and IPR South Disouq Limited for the exploration and exploitation of gas and crude oil in the North Tanta Onshore Area in the Nile Delta.

A third agreement was approved between Egypt, EGAS, and Perenco North Sinai Petroleum for the exploration and exploitation of gas and crude oil in the Al-Fayrouz Onshore Area in North Sinai.

In addition, the government approved a concession agreement between Egypt and the General Petroleum Company (GPC) for the exploration, development, and exploitation of oil in the Asran Field Development area in North Amer in the Eastern Desert.

Separately, the Cabinet approved the completion of procedures for issuing a 15-year commitment to GBH Pan Marine for Passenger Terminals to manage, market, operate, exploit, maintain, and hand over the passenger terminal at Alexandria Port.

GBH Pan Marine is an Egyptian joint-stock company operating under the special free zone system and is currently being established by a consortium of companies.

This comes as part of efforts to develop an integrated transport and logistics system and strengthen Egypt's position as a global trade hub. The move is also aimed at enhancing the capacity of the maritime transport sector, increasing the volume of imports and exports, and improving the competitiveness of Egyptian ports.