France possible gateway for gas exports

Petroleum Minister Sameh Fahmy and the French Minister of Industry have discussed the possibility of exporting Egyptian gas through France, other European Union countries, Cyprus and Eastern Europe by January 2004.

"Close ties between President Hosni Mubarak and his French counterpart Jacques Chirac and firm Egyptian-French relations are crucial factors to the successful realisation of this idea," Fahmy said yesterday.

"The French minister expressed much interest in cooperating with Egypt in this regard and in participating in projects in Egypt to implement this plan," he said

"The Liquefied Natural Gas (LNG) plant in Rashid, in which France has a 5 per cent share, will be exporting nearly 3.5 million tonnes, 10 per cent of France's gas supply," Fahmy said.

"According to the $500 million a year export deal, Egyptian gas will start arriving in France by the end of 2005," Fahmy added, pointing out that Egypt has achieved excellent results in gas exports to Spain and Jordan.

"I stressed the importance of forging strong relations between the Oil Ministry and the French Ministry of Industry by attracting French companies manufacturing oil equipment to invest in Egypt," the minister said.