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 )