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Turkish minister of energy discuss import of Egyptian gas
Egypt-Turkey, Business, 6/22/1998
Turkish Minister of Energy Cumhur Ersumer met today with Egyptian Minister of Petroleum Hamdi El-Banbi to discuss exporting Egyptian gas to Ankara according to the principals of an agreement signed by the two sides in November, 1996.
An official source in the Egyptian Petroleum Organization said the share of exporting the Egyptian gas will be from foreigner partners' share, specifically U.S.-based Amoco and Italian Agib, adding that Egypt will not reduce its share of the natural gas until the year 2017 as the focus is the needs of domestic consumption.
The Egyptian Petroleum Organization, the US company Amoco and the Turkish company Potash signed an understanding note for exporting Egyptian gas to Turkey, joined by the Italian company Fina in November, 1997.
Citibank was chosen to be the main financial advisor for the project.
Previous Stories:
Petroleum investments in 16 years worth $98 billion
(6/5/1998)
Egyptian gas for Jordan
(6/4/1998)
Arab joint projects for petroleum in Egypt
(5/12/1998)
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