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US has invested $13.5 billion in Egyptian petroleum sector
Egypt-USA, Politics, 2/9/1999
Egyptian Minister of Petroleum Hamdi El-Banbi said that the United States' investments in exploring and drilling for petroleum in Egypt have reached so far $13.5 billion.
During his tour of a petroleum company in the Ras Sheikr area, he said the American companies participate in producing 35% of the total crude oil production in Egypt and 35% of the total natural gas production.
El-Banbi stated that the investments of foreign companies exploring for oil was not affect by the decrease in international oil prices.
Daniel Kurtzer, the US ambassador in Cairo, had stated that the petroleum field in Egypt provides attractive investments opportunities.
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