CROATIAN OIL CO. SIGNS AGREEMENT ON OIL EXPLORATION IN EGYPT

( Editorial: --> 0424 ) CAIRO, April 29 (Hina) - The Croatian oil company INA has signed an agreement with the Egyptian oil company FORUM and the Egyptian Government on the exploration and exploitation of oil and gas in the Nile Delta. A joint-venture company established by INA and FORUM was granted a concession to explore and exploit oil and gas on a surface area of 20,000 square metres in the North-East Desert. During the next three years, each of the parent companies will invest US$4.5 million in the exploration of possible oil well sites. The contract was signed by Egyptian Oil Minister Hamdi el Banby, the director of INA's foreign concession department Boro Vlasic and FORUM representative Wafik el Guindi. The exploration will start at the end of the year. (hina) jn as/mb 291727 MET apr 98