Shell new investments in Egypt risen by $ 1.7 billion

"The Dutch-British Shell companiy will increase its investments in implementing number of new projects in Egypt whose production at present exceeds 600 million cubic feet of natural gas and 45,000 barrels of oil per day,obtained from Badr El-Din and A1-Obayed fields in the western desert," said Andrew Vaughn, Shell Representative in Egypt.

He said that Shell has participated in developing Rashid gas field which was put on the production map last February. he referred to a new discovery in North East Abul Gharadik in the western desert at a production rate of crude oil reaching 4,000 barrels daily.

Vaughn also noted that Shell concession areas stretch to cover a great part of the western desert and the Nile Delta. Shell plans to invest some $ 1.7 billion for setting up a new plant for liquefying and exporting gas within the context of the oil sector's planned to increase local consumption of natural gas, Vaughn said.

The factory, implemented by Shell for the first time in Egypt and the Middle East, aims at producing 70,000 barrels of liquified oil products so as to make up for the deficit in crude oil and limit the imports of these products, the most important of which is solar and butane gas.

He pointed out that Shell investments in Egypt over the past 25 years amounted to $ 3.5 billion.