Egypt parliamentary committee calls for review of gas prices

Published May 29th, 2001 - 02:00 GMT

The Egyptian Industrial Parliamentary Committee has recently demanded a review of prices of gas purchased from foreign companies, according to recent reports in Al-Sharq Al-Awsat dailly. In particular, prices with companies with whom contracts had not been previously adjusted were in question.  

 

The committee added that the Parliament’s adjustment of 11 gas related contracts with foreign companies last February resulted in a $220 million surplus for Egypt. Also stressed was the fact that the objective of the petroleum sector was to assist foreign partners in exploring and developing gas fields rather than exporting gas.  

 

The value of the petroleum sector’s investments is estimated at Egyptian pound (EP) 8.4 billion ($2.17 billion) in the fiscal year 2001/2002. Of this amount, EP 8.1 billion ($2.09 billion) is controlled by the private sector. Investments by foreign partners are assessed at EP 7 billion ($1.8 billion).  

 

The same committee also stated that Egypt intends to produce EP 26.7 billion ($6.9 billion) worth of crude petroleum and natural gas products in the fiscal year 2001-2002. This output value reflects an EP 93 million (24 billion) rise compared with fiscal year 2000-2001. –(MENA Report) 

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