Egyptian oil minister: Plan to attract $20 billion in Arab and foreign investments

Egyptian Oil Minister Sameh Fahmi stated that the petroleum sector is currently studying a new plan to attract Arab and foreign investments of $20 billion to establish major petroleum projects during the coming 10-15 years.

Fahmi added that he discussed during his visit to Saudi Arabia and Kuwait supporting and revitalizing areas of joint cooperation as meetings will be convened during the current month among work groups from the Egyptian experts and their counterparts in Saudi Arabia and Kuwait to start the executive steps for a petrochemical assemblage project that was agreed upon that was agreed upon in cooperation with Saudi Arabia with investments of $1 billion in the Suez Gulf area.

They will also discuss the executive steps for establishing a project for producing a joint Egyptian- Kuwaiti pipeline to transport petroleum products and the natural gas to provide the needs of the Egyptian markets.