4 Gas export deals for $ 2.1 billion

Egyptian Minister of Petroleum Sameh Fahmi said yesterday that the General Egyptian Petroleum Corporation had signed four agreements to export natural gas and petrochemicals and was preparing to sign another five.

Fahmi said that the four agreements involved investments of $ 2.1 billion, and five pending agreements were worth $ 5.9 billion.

Egypt has 53 trillion cubic feet of proven natural gas reserves, with another 16 trillion cubic feet unconfirmed.

Fahmi said that his ministry's strategy was to export 2.5 billion cubic feet per day, increasing this amount by 6 percent annually.

"International oil firms such as British Gas (BG) have upgraded a plan to develop natural gas program of the Egyptian-British Business Council," he added.