Egypt moves on gas and nuclear provisions

CAIRO, June 17 (UPI) -- The Egyptian Parliament ratified two agreements with several foreign companies for exploration and development of oil and gas in the Sinai peninsula.

The Shura Council, the upper house of the bicameral Parliament, sanctioned deals with the Egyptian Natural Gas Holding Co. and several foreign companies for the work.

Lawmakers said Cairo would offer $21 million in grants to dig four wells and for other developments in the north Sinai, the Egypt State Information Service reports.

Meanwhile, Egyptian President Hosni Mubarak has sent a bill to lawmakers on the regulation of nuclear activity. The measure is intended to fulfill Egyptian commitments to international regulatory agreements on the use of nuclear energy and the safe disposal of nuclear waste.

During the weekend, Egyptian and Lebanese officials reached an agreement to work on expanding natural gas networks for gas deliveries to Lebanon in August.

In that context, Egypt, Lebanon and Syria will form a working group to determine gas volumes and other provisions ahead of a trilateral ministerial energy conference expected later this year.