An Italian petroleum company invests 500 million dollars in Egypt

The Italian company Edison decided to invest 500 million dollars in Egypt during the coming period that will be specified for oil discovery, gas manufacturing and preperation for exporting it or for use in the local market.

A statement issued by Chase Manhattan (U.S - Egyptian bank) - the financial advisor of the company - said that Edison is considered of the largest specialized European companies in electricity and petroleum field and it has an increasing concern with investing in Egypt.

The statement added that Egypt is seen as being a promising market especially its being a main partner with the specialized Egyptian company Nile Valley in distributing natural gas to homes in Egyptian villages.