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. Last Updated: 07/27/2016

Gazprom, Egypt Sign Memorandum

Gazprom and the Egyptian government have signed a memorandum of understanding on cooperation in Egypt's gas sector, Egypt's trade and industry minister said Friday.

Rachid Mohammed Rachid said Gazprom could help Egypt develop its natural gas production and exports. The memorandum covered exploration, sharing technology, and cooperation in marketing gas, he said.

He was speaking after a meeting with Gazprom CEO Alexei Miller at the end of a three-day visit to Russia aimed at improving trade ties.

He also said the Egyptian and Russian governments signed a separate memorandum of understanding to begin talks on a free-trade agreement.

Meanwhile, Gazprom and Hungary's Mol are drafting a plan to extend the Blue Stream gas pipeline, which ends in Turkey, to Austria, Hungarian Economy Minister Janos Koka said Friday. The draft plan will be ready in six months.

(Reuters, Bloomberg)