Egyptian Minister of Petroleum Sameh Fahmi met with the Saudi Minister of Petroleum and Mineral Resources Ali Al- Nuaymeh while on a recent visit to Saudi Arabia. According to Cairo based Al Ahram, the two discussed the establishment of four joint investment projects. In addition, they decided to immediately form committees to prepare feasibility reports for the aforementioned projects.
As part of recent joint Egyptian-Saudi cooperation, the two countries have recently agreed to set up a joint petroleum-refining project in the Egyptian Suez region. The total investment costs of this project are estimated at $3,000 million.
In addition, the Saudi Jihan Company sighed a memorandum with Egyptian authorities on May 22 for the establishment of a $460 million polyester manufacturing plant in Alexandria. –(MENA Report)
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