$ 150 M for Arab funds to finance Egyptian gas pipeline

The Arab fund for economic and social development as well as the Kuwaiti development fund will contribute to financing a new project for extending Egyptian natural gas to Jordan (the first phase) at a cost of $ 150 million. The participation comes within the context of the Arab funds' new strategy of financing Arab national projects which pave the way for the establishment of the Arab common market.

Minister of Petroleum Sameh Fahmi said the Kuwaiti Fund agreed to extend $ 100 million, in addition to $ 50 million to be provided by the Arab Fund for the project whose capacity is estimated at one billion cubic feet of natural gas.

Future plans provide for meeting both Syria's and Lebanon's needs of natural gas, in accordance with the quadrilateral agreement signed by Oil and Energy Ministers of Egypt, Jordan, Syria and Lebanon during their meeting held in Beirut at the end of the year 2000, Fahmi added.

Meanwhile, the minister said he will have talks this month with his Syrian counterpart on means of securing necessary finance for extending the gas pipeline from Jordan to Syria.

They will also review the timetable and executive programmes of the project, in light of the technical and feasibility studies prepared by a number of experts from both countries.