Egypt to export $200 million propane to Europe
During the first half of 2001, the Egyptian Natural Gas Company (Gasco) signed contracts to export 200,000 tons of propane to various European petrochemicals manufacturing companies, reports Al-Hayat daily. The contracts were valued at $200 million.
Last year, Egyptian-European gas related contracts were furthered by a loan from the European Investment Bank (EIB) to Gasco for the construction and operation of a gas pipeline from the Suez Canal region to a distribution plant north of Cairo. The daily propane production of Gasco stands at 550 million cubic feet.
In addition, the state-owned Egyptian General Petroleum Company (EGPC) received $200 million from British Petroleum, Amoco and Eni, an Italian Oil Company, for the expansion of offshore gas field production.
EGPC will also form a joint venture with UK-based British Gas and Italy’s Edison International to develop Egypt’s largest gas fields. –(MENA Report)
© 2001 Mena Report (www.menareport.com)