$ 316 M allocated to develop Rosetta gas field

Minister of Petroleum Sameh Fahmi reviewed during a meeting with British Ambassador in Cairo Graham Boyce Egyptian-British cooperation in the field of petroleum and the convening of British Gas board of directors meeting next month for the first time in Cairo.

Fahmi and Boyce also discussed inauguration of the Rosetta gas field project, in which the British company contributes with 25 % and the Italian Adison pitching in with a similar percentage, while the Egyptian General Petroleum Corporation (EGPC) covers the remaining 50 %.

Minister Fahmi said that total investment costs to develop the field hit $ 316 million with a production capacity of 275 million cubic feet per day for a period of 20 years.

He added that this would help promote oil and gas energy resources in Egypt.

Fahmi also discussed with Boyce the establishment of a plant to liquefy natural gas in Egypt with a capacity of eight billion cubic meters annually.

Fahmi had met earlier in the day with Qatari Ambassador in Cairo Mohammad Bin Hamad Al Khalifa to discuss aspects of coordination and consultations in the field of natural gas export projects.

Fahmi also met with the South Korean Ambassador in Cairo to discuss furthering joint cooperation in the field of petrochemicals industry in the upcoming stage in light of the availability of Egyptian natural gas, the essential substance for this industry.

The Minister praised Korean companies' contribution and performance in recently operated projects in Alexandria carried out in the petrochemicals domain.