Egypt's Minister of Petroleum Sameh Fahmi on Monday stressed the importance of self-sufficiency in the oil industry.
At the meeting of the General Assembly of the Suez Safety Equipment Company, Fahmi called to make additional efforts to increase local production of equipment for use in petrochemicals industries in a bid to cut down imports.
The Suez Safety Equipment Company has been established with L.E. 150 million of which L.E. 30 million is from foreign investors, Fahmi disclosed. The new company will supply equipment for the petroleum and petrochemicals industries, he added.
© 2004 Mena Report (www.menareport.com)
