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Canadian companies prospect for oil in Upper Egypt
Egypt-Canada, Economics, 4/15/2004
Minister of Petroleum Sameh Fahmi said that the government was exerting to lure oil exploration investments to Upper Egypt through inviting renown international oil companies that employ state-of-the-art technology as part of President Hosni Mubarak's directives.
ΚΚΚ Speaking to the Industrial and Energy Committee at the People's Assembly under its chairman Amin Mubarak, Fahmi said two agreements were signed with Canadian oil exploration companies to prospect for oil in the south valley.
ΚΚΚ A South Valley Holding Company for oil was established last year in Aswan.
ΚΚΚ This company is specialized in the production of oil in addition to refining and marketing.
ΚΚΚ The two agreements allocate a total concession area of 52922 square kms in Al-Nakra and Kum Ombu for the two Canadian and companies to invest $ 26 million in digging 9 wildcat wells.
Previous Stories:
Canadian delegation promotes small, medium industries
(10/15/2002)
Egyptian exports to Canada increased by 20 per cent
(4/1/2002)
$113 million in Canadian investments to prospect for oil, gas
(3/26/2002)
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