Egyptian investment company pumps money into oil
Egypt, Business, 8/24/2005

"Tharwa" is Egypt's first oil exploration investment company.

The company was founded at the right time in which oil prices are hitting great hikes in recent times and Egypt seeks to increase its oil revenues, noted Minister of Petroleum Sameh Fahmy.

The minister went on to say that the establishment of the new company falls within the framework of a comprehensive ministry program to raise revenues from foreign currencies.

Such a program will create a large number of new jobs, Fahmy said Monday during a meeting of the General Assembly of Tharwa.

For his part, Chairman of Tharwa, Atef Abdul Sadek, stated that the first oil well will be drilled soon at Theqa in North Sinai. Oil from this well will begin to be sold on the global market by 2006.

"Tharwa," was founded in March 2004. The company has a 400 million dollars' capital shared by the ministry of petroleum and the ministry of finance among other partners.

The company held five agreements to prospect for oil in five oil concessions in Western Sahara, Saloum, Siwa, Farafra Western Ghazalat and the Mediterranean Sea, Fahmy said after attending a meeting by the company's General Assembly.

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