New $4 billion investments in oil , gas field

Egyptian Minister of petroleum Sameh Fahmi said about 50 world companies are working now in Egypt in oil and gas field with investments worth $ 4 billion in the last two years despite the current changes prevailing the world.

The Minister made these statements yesterday in the inauguration of the international conference of gas industries in the middle east region and north Africa opened with the participation of some 50 international companies working in Egypt.

At the opening session of the conference, Fahmi put the current year's investment at $ 2.2 billion despite the volatile situation in the Middle East.

He said his ministry is currently laying down a new mechanism for pricing gas in the international markets that would be characterized by flexibility and would achieve market stability.

Sameh expected that the international consumption of gas would double in the coming 20 years from 80 trillion cubic metres to 160 trillion cubic metres annually.

He reviewed the projects of exporting Egyptian gas to Spain and France, in addition to the agreements signed with Jordan for the exportation of gas across borders.