Egypt has gas reserves totalling 55 trillion Cubic ft.
Egypt, Economics, 2/27/2002

Egypt's confirmed reserves of natural gas have reached a level of 55 trillion cubic feet, with a further estimated potential of 65 trillion cubic feet, Minister of Petroleum Sameh Fahmi told a Mediterranean gathering in Cairo yesterday.

Addressing the opening session of the conference to discuss natural gas in the Mediterranean basin, Fahmi said that the total length of Egypt's natural gas distribution network had been extended to 4,000 km in order to cope with the ever-growing consumption of nationwide.

The Minister reviewed project for exports of Egyptian natural gas to Jordan, Lebanon, Syria and Turkey, as well as those to be established at home for liquefaction in cooperation with specialist international firms.

Fahmi also addressed the chief aspects of the national plan for the petrochemical industry over the coming 20 years with regard to natural gas, including 14 petrochemical complexes nationwide.

He added that he expects world consumption of natural gas to double over the next 20 years, and underlined the necessity for concluding new flexible formulas for natural gas contracts and the need for a new mechanism to set prices which will not be affected by fluctuating oil prices.

The two-day conference then went on to discuss various papers on the subject of technical cooperation in the natural gas and petrochemical industries of the Mediterranean basin.

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