Oil-prospecting agreements signed

Egypt's Ministry of Petroleum will sign 25 new agreements on prospecting for oil in 21 areas.

Petroleum Minister Sameh Fahmy said upper Egypt areas would take advantage in the prospecting for oil and natural gas agreements.

The natural gas network would be stretched to Sharm E1 Sheikh and Hurghada soon, he added.

The ministry, in cooperations with National Investment Bank NIB, would establish a new Petro-chemical production company with total investment L.E. 2 billion.