Sameh Fahmi: BP, Petronas willing to purchase Egyptian gas

Egypt's Petroleum Minister Sameh Fahmi said that the oil sector is currently studying proposals by the Malaysian Petronas in cooperation with the Egyptian oil and natural gas exploration company, Tharwa, to prospect for oil in the Mediterranean region.

The Malaysian Oil venture proposed also to set up two units for liquefaction gas to meet the increasing demand for gas on the international markets.

In press statements during the Mediterranean Oil Conference (MOC) in Alexandria, Fahmi said that Tharwa Oil Company is awaiting People's Assembly approval to kick off exploration for oil in concession areas of high oil finds potential.

A number of chairpersons of international companies, including British Petroleum (BP) have proposed to purchase Egyptian gas in the light of British North Sea gas output decline, he added.

Egyptian oil liquefaction projects are fast growing due to the strategic position and well-trained labour in Egypt.

BP's investments in Egypt will hit $ 6 billion soon, said the company chairman.