New oil project underway in Egypt

Published June 6th, 2001 - 02:00 GMT

The Egyptian Investments and Free Zones Public Authority approved a new oil project with $200 million in authorized capital and $60 million in issued capital. The investment cost of this project, entitled “Santas Digging”, is estimated at $245 million, recent reports in Al-Hayat daily stated.  

 

The complex will be built over a 17,000 square meter area in Amriya Free Zone at Alexandria. It will provide various oil related services, primarily digging and drilling. Egypt’s growing demand for oil has led to the increased exploration and further development of its national oil industry.  

 

Oil plays a major role in the Egyptian economy and accounts for nearly 40 percent of export revenues, and about ten percent of the country’s GDP. It is one of the four main sources of foreign exchange. –(MENA Report)  

© 2001 Mena Report (www.menareport.com)

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