Fahmi receives Mahathir on oil talks

Egypt's Minister of Petroleum Sameh Fahmi yesterday met with former Malaysian Prime Minister Mahathir Mohammad who is now advisor to Malaysia Petronas Oil Company for talks on cooperation in petrochemical industries.

The senior officials reviewed activities and research in this field as well as the new investment model that is being applied in Egypt.

Following the meeting, Mahathir said his country is keen to establish joint ventures in oil and natural gas exploration and to set up projects in petrochemicals.

Malaysian produces 600,000 barrels a day, and the Malaysian government has offered 20 scholarship to Egyptian students for degrees in petrochemicals.

Petronas has investments in Egypt worth 1.6 billion euros in natural gas in Edko where the Egyptian liquefied gas is exported.

Fahmi said he briefed the Malaysian official on Egypt's new oil investments model embodied in launching joint investments between the Egyptian oil sector and the world companies in giant projects.