German oil and gas invesment in Egypt
Egypt-Germany, Economics, 2/4/2003
The GACIC Executive Director said that German companies are keen on enhancing their investments in Egypt, especially in the fields of gas and petrochemicals.
Direct German investments in the oil sector hit some $ 2.6 billion, carried out in the fields of discoveries and prospection since 1974.
Minister of Petroleum Sameh Fahmy urged the German companies to beef up their investments in Egypt's oil sector, with a special focus on Upper Egypt, considered a promising area in the field of gas, noting that Italian, French and US companies pledged to work in this area.
In a recent meeting with members of the German-Arab Chamber of Industry and Commerce (GACIC) under the title "Future of Petroleum and Gas Industry in Egypt", Fahmy said the oil and gas sector's strategy takes great interest in the South Valley, which will witness a new phase in the realm of oil industry.
The South Valley Holding Company, to be set up shortly, will intensify oil and gas prospection so as to accelerate comprehensive economic development in this area, he added.
The sector of petroleum managed over the past few years to develop oil and gas prospection, especially in the Mediterranean and Red Sea deep waters, a matter which led to achieving new oil discoveries where the volume of confirmed reserve of crude oil, natural gas and condensates hit some 14 billion barrels this month, Fahmy said. Within the context of the Oil Ministry's plans to diversify targeted global markets for exporting natural gas, an agreement was signed with a Spanish company to establish a factory for gas liquefying in Damietta to export four billion cubic feet of gas annually, he added.
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