Oct 04 2005 |
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Egypt Expects to Lure $20 billion in Investments its Oil and Gas Industry in 15 Year
Cairo (APD) - Egypt expected to lure $20 billion in investments into the country's oil and gas industry during the next 15 years, Egypt's business daily, al-Alam al-Youm, reported Tuesday.Sameh Fahmy, Egypt's oil minister said that UK giant British Gas is committed to invest $4 billion till 2020 in oil exploration activities, in addition to other major investments from U.S Apachy and from UK oil giant British Petroleum.
Fahmy added that $10 billion will be pumped in projects in Egypt's petrochemical industry during the next 10 years.
Egypt's gas reserves increased 7 trillion cubic feet (tcf) to reach 67 trillion cubic feet (tcf) by last April.
Union Fenosa Gas, a joint venture between Spain's Union Fenosa and Italy's ENI, owns 80% of SEGAS. State-owned companies Egyptian General Petroleum Corporation (EGPC), and Egyptian Natural Gas Holding Company (EGAS) jointly owns the remaining 20% stake in SEGAS.
Revenues from oil exports are Egypt's major foreign currency earners along with revenues from Suez Canal, tourism and remittances from Egyptian abroad. [FC]
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2005
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