Egyptian -Kuwaiti finance to manufacture oil pipes in Port Said

Egyptian Minister of Petroleum Sameh Fahmy praised the Egyptian Kuwaiti strong relations and the success of their joint projects in the field of oil and natural gas industry.

Fahmy made the statements during a tour he made in the project of the international company for manufacturing pipes in western Port Said accompanied by Minister of State for Military Production Sayed Mesha'al, Port Said governor Mustafa Kamel and oil sector senior officials.

The company's project, which involves manufacture of pipes used in carrying oil and natural gas in Port Said, was set up over an area of 89 Feddans with Egyptian-Kuwaiti investments.

Two companies are contributing to the projects: the Kuwaiti company for manufacturing pipelines and oil services and the Egyptian-Kuwaiti holding company, both representing 60 percent of the capital while four Egyptian companies working in this field represent the other 40 percent.

The Minister underscored the importance of the project in this very timing that witnesses an upsurge in natural gas in Egypt.

He added that integration between the oil companies is meant to maximize the proceeds from Egypt's oil investments. The volume of natural gas production in Egypt hits 2.800 trillion cubic feet per day, said Fahmy, adding natural gas will be exported late this year to Jordan, Lebanon, Syria and Libya.