84 million equivalent barrels in the coming year in Egypt
Egypt-Italy, Economics, 5/28/2007

Egypt's Petroleum Minister Sameh Fahmi said Egyptian-Italian cooperation is a model for economic success and a salient feature in the bilateral relationship.

Addressing the Egyptian-Italian Business Council in Cairo on Sunday May, 27, he cited cooperation in oil and gas prospecting through the Eni Petroleum Company that has been operating in Egypt over the past 50 years.

He also referred to joint cooperation in oil and gas exploration and production and project for liquefying and exporting gas.

The council's session was attended by Minister of Trade and Industry Rasheed Mohamed Rasheed, Italian Deputy Minister of Economic Development Sergio Di Antoni and Italian Ambassador to Egypt Antonio Badini.

Fahmi said Eni was a strategic partner to Egypt's oil sector and is one of the top three international companies operating in Egypt in the oil and gas prospecting and production field.
Its current production has reached over 500,000 barrels of oil per day, he added.

The oil sector achieved the strategic goals it announced in 2000, Fahmi noted.

It has succeeded in signing 118 agreements over the past five years, the minister said, adding that the sector achieved its highest oil reserve ever to reach 16.2 billion barrels versus 11.8 billion in 1999.

Oil sector production increased to 84 million equivalent barrels versus 55 million tons in 2000.

For his part, Minister of Trade and Industry Rasheed Mohamed Rasheed said Egyptian-Italian relations witnessed a remarkable development in the last period.

Trade exchange between the two countries went up by 40% last year to 3.7 million euros, the minister made it bare.

Egyptian exports to Italy increased to 2.18 billion euros, up by 72% while imports stood at 1.55 billion euros, he pointed out.

Rasheed said Egypt and Italy also agreed on setting up technological centers in the textile and designing of clothes and furniture in Upper Egypt.

He added that the centers aim at training workers of the Upper Egypt governorates in these sectors to meet the needs of the industrial projects to be set up as part of the industrial development program in Upper Egypt.

Italian Ambassador in Cairo Antonio Badini, who attended the meeting, said the two countries agreed to benefit from the Italian expertise in upgrading the cultivation of long-staple Egyptian cotton without the use of any chemicals or fertilizers.

He added that the council will hold its next meeting in the Italian city of Milano in December to explore investment opportunities in the ready-to-wear clothes, furniture and textile.

Previous Stories:
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  $ 1.12billion of Egyptian exports to Italy   (9/22/2005)
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