Joint Arab petrochemical investment companies set up

The Petroleum Minister Sameh Fahmy has laid down a strategy that aims, at the present stage, at carrying out new projects with joint Arab investments.

These projects will cover the fields of drilling, prospecting, developing existing fields and the export of natural gas, either liquefied or through pipelines.

They will also cover petrochemicals and building pipelines to carry oil and gas in addition to pumps.

"There are plans to market oil products and petrochemicals," Fahmy said.

Speaking yesterday with delegates at a forum in Sharm El Sheikh of Arab oil organizations, the minister said that Egypt would export natural gas to Jordan, through pipelines in the middle of 2003.

A total of one billion and 100 million cubic metres will be exported annually at the first stage. It will be raised gradually to 3 billion to Jordan, Syria and Lebanon.

Fahmy said that under agreements signed with a number of Arab and foreign countries and world companies, Egypt would export natural gas at an annual capacity of 16.5 billion cubic metres.

Four factories will be set up to liquefy natural gas with a capacity of 13 billion cubic metres annually.

"This will be in addition to setting up Egyptian, Canadian and Indian companies to turn natural gas into liquefied oil products with a capacity of 90,000 barrels daily," the Minister said.