Egypt's natural gas reserves sufficient for 100 years

"Egypt's natural gas reserves, estimated at 45 trillion cubic meters, are sufficient for the local needs for 100 years," said Minister of Petroleum Sameh Fahmi he added that the Oil Ministry has prepared the first comprehensive plan for establishing a modern petrochemical industry, and assured that the scheme would be strongly supported by President Hosni Mubarak.

"The plan aims to make the country a regional center for this industry are capable of exporting to Europe and the Mediterranean region," Fahmi said.

"Egypt has already received big offers to set up two large-scale petrochemical projects," he said, Noting that the country was aware of the strong competitors in the industry he elaborated that was why it decided to focus on state-of-the-art technology and cost production.

This came during the Minister's meeting with Members of American Chamber of Commerce in Egypt headed by Mohammed Mansour.

"There are many possibilities for foreign investments in the oil and gas sectors in Egypt," Mansour stressed, noting that there were prospects for growth in the two sectors in the coming stage.

He mentioned primary agreements for exporting Egyptian natural gas to several countries, particularly in Europe which he said will be the major market for natural gas exports in the coming stage, in light of the competitive prices of the country's gas production.

The meeting was attended by a host of Egyptian and US businessmen and representatives of major oil firms operating in Egypt, as well as Former Oil Ministers and Foreign Ambassadors in Cairo.

"Egypt participated in many international oil meetings including the last OPEC one and succeeded in concluding 265 agreements for exploration throughout the last 25 years," Fahmi said.