Petroleum Minister: Boosting local oil equipment manufacture inevitable

Egypt's Minister of Petroleum Sameh Fahmi yesterday highlighted the importance of self-sufficiency in oil.

At the meeting of the General Assembly of the Suez- Safety Equipment Company yesterday, Fahmi called for more efforts to increase local production of equipment for use in petrochemicals industries in a bid to cut down imports.

The Suez Safety Equipment Company has been established with L.E. 150 million of which L.E. 30 million is from foreign investors, Fahmi said.

The new company will cope with supply equipment for the petroleum and petrochemicals industries, he added.