US offer to finance gas projects

The Egyptian Ministry of Petroleum received yesterday a new US offer to finance and contribute to carrying out the projects of the holding gas company. It came as a sign of the inflow of foreign investments into Egypt despite the recent bloody events in the US.

Minister of Petroleum Sameh Fahmi said that Egypt is seeking to highly benefit from the Arab and foreign investments willing to invest in this strategic field.

On the other hand, the minister ordered all chairmen of oil companies to check security measures in sites and facilities warning against leniency any time as this sector is a strategic one and plays a key role in the national security.

Members of the Arab engineering industries federation agreed on setting up a new project to produce oil equipment. The new project's issued capital is $ 50 million with investment cost worth $ 120 million, and will provide 2500 job opportunities.

The project economic studies finished and the executive steps will begin next March in cooperation with the Arab economic unity council.