Egypt fit to be key player in gas market

Egypt would be a key player in gas market in the world thanks to reserves, said Petroleum Minister Sameh Fahmy.

Addressing the Egyptian British Business Council meeting in London, Fahmy said that Egypt took long strides towards the economic reform within the past two decades.

Export is the cornerstone of the oil sector's strategy, he said, noting that the oil exports revenues hit $ 4 billion in 2003-2004.

The constructive cooperation between the oil sector and British firms operating in Egypt pushed forward the liquefied gas, exports projects in Egypt, he added.

Egypt's natural major gas revenues and infrastructure would turn it into one of gas exporters in the world.

He noted that oil sector constructed three projects to export liquefied gas in Damietta and Edku besides gas export project via Arab gas pipeline, he said.

The meeting was attended by British Minister of Trade and Investment and more than hundred Egyptian and British businessmen.