Foreign investments in Egypt’s oil and gas reach $2 billion per annum
Egypt’s petroleum, gas and petrochemical sectors attract some two billion dollars in foreign investments each year, Egyptian Minister of Petroleum Sameh Fahmi told Al-Ahram. The petroleum ministry is planning to set up a new petroleum holding company, which will explore petroleum opportunities in the South Valley region, develop oilfields and distribute oil and gas.
In 2001, international petroleum companies have doubled their investments in natural gas exploration and oil field development in Egypt and extended their interest from traditional areas such as the Delta, the Gulf of Suez and the Western Desert to the deep waters of the Mediterranean Sea where four giant rigs are now operating. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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