Fahmy says: Oil companies' investments in Egypt hit $ 3 billion
Egypt, Economics, 8/4/2004

The petroleum sector achieved the highest export level at $4.2 billion in last fiscal year 2003/2004, Egypt's Minister of Petroleum Sameh Fahmi announced yesterday in a press conference during a tour in Petro Jet's equipment manufacture yard in Alexandria.

More foreign companies are cooperating in oil and natural gas prospecting, Fahmy said, adding that $2.8 billion had been invested in natural gas sector alone.

The Ministry is planning to increase foreign investment in the oil sector to $3 billion, Fahmy added.

Two new oil discoveries were made in 2003/2004, which increased the reserves by 46 million barrels, he said.

PetroGas of Malaysia has offered 20 scholarships to top students for degree in computer science, he added.

From the beginning of this month, the Ministry is to recruit young people on 4-year contracts with health and social insurance cover, Fahmy said.

Previous Stories:
  Egypt's exports surge by L.E. 4.3 billion   (7/20/2004)
  Two oil, gas prospecting agreements with US, Tunisian firms   (7/16/2004)
  Egypt calls for integration among African oil- producing countries   (7/13/2004)

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