Mubarak follows up final touches on gas agreement with France

Egyptian President Hosni Mubarak Thursday met with Gas de France chairman Pierre Gadonnex to put the final touches on an agreement to be signed by the Egyptian General Petroleum Corporation (EGPC) with the French company.

The agreement was initialed last January.

Gadonnex said on Thursday the agreement has laid the basis for a long-term cooperation between the two countries.

The accord makes Egypt the third gas exporter to France, he said, adding that the agreement will allow the French company to buy 4.8 billion cubic metres of liquefied gas.

He unveiled a plan to set up another factory for producing gas in Egypt in cooperation with the EGPC.

Gadonnex put the investments France intends to invest in Egypt within the coming period at one billion Euro.