New Canadian oil investments in Egypt
Egypt, Economics, 7/11/2002

The Egyptian oil areas in Delta, Sinai and Suez Gulf now witness intensive activities of some Canadian oil companies plus other companies totally owned by the Egyptian private sector working in prospecting, exploring, producing and other oil-services in Egypt and various world countries.

Egyptian minister of petroleum, Sameh Fahmi, initiated the Joint Egyptian-Canadian Oil Committee to coordinate activities among heads and delegates of the Canadian oil companies working in Egypt.

At the sideline of the greatest international oil conference held in Canada last month, a symposium was made to promote for more oil investments in Egypt.

Such participation by the Canadian oil companies rests on the fact that Egypt enjoys now encouraging political as well as economic stability.

The commercial advisor at the Canadian embassy in Cairo said that four Canadian oil firms work at present in Egypt with investments exceeding $ 500 million.

Other successful projects are underway in the fields of natural gases in different sites in Egypt with the cooperation administered between Egyptian and Canadian specialized companies.

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