$ 5 billion in British gas and oil investments in Egypt

Egyptian Prime Minister Atef Ebeid received early in the week the British Minister of State for Industry and Energy Brain Wilson and his accompanying delegation.

Following the meeting Wilson said that the UK is the largest foreign investor in Egypt mainly in the field of gas and petroleum pointing out that three British companies amongst large oil gas investors with total volume of investment worth $ 15 billion. The three companies are committed to pumping up to $ 5 billion in this sector over the next five years, Wilson explored.

Furthermore, the British Minister discussed with Minister of Petroleum Sameh Fahmy means of ensuring close cooperation and exchange expertise in a bid to maximize gas and oil industries. Wilson added that the UK will import Egyptian, liquefied gas as a clean source of energy.

Fahmy noted that the petroleum industry plays a key role in the Egyptian economy accounting for about 40 percent of export earnings and 10 percent of the GDP. It is one of the four main sources of foreign exchange.

Meanwhile, Minister of Energy Hassan Yunis called on British investors to boost joint cooperation with Egyptian companies in the field of wind and solar sources of energy as well as manufacturing electric equipment locally.