The Egyptian General Petroleum Corporation (EGPC) signed an agreement with Kuwait Energy, forming a joint venture that will explore in Iraq, reported State Information Services.

Under the agreement, the Kuwaiti company gave up to the Egyptian side its 10 per cent share in the Concession area number 9 in Basra in southern Iraq.

The final agreement was inked in Iraq last week, and thus officially activating the original agreement signed during Egypt Economic Development Conference (EEDC) held at Sharm El-Sheikh in March.