Vardinogiannis- Latsis' big deal in Egypt

A big business deal has been agreed upon between the two powerhouses of domestic power production. Namely, the Vardinogiannis and Latsis associations will work together on exploiting natural gas deposits in Egypt, where the Vardinogiannis association already possesses petroleum-producing installations in cooperation with Shell and Gaz de France.

In detail, after the end of a multinational account competition Hellenic Petroleum, in which Latsis has a 40% stake and a word in operational and executive decisions, decided to transfer part of the rights of Research and Development of the West Obayed area in Western Egypt, to Vegas Oil & Gas S.A., which is run by Vardis Vardinogiannis. The two companies will create a coalition ( VEGAS 70%, ELPE 30%), the running of which will be undertaken by Vegas.

Included in the immediate plans of the cooperation is the continuation of research programs in the West Obayed area, with the ultimate goal of two more drills until June 2012.