Egypt scores oil agreements record

Egypt scored a record in the oil agreements concluded with world companies in 2003/2004, totaling 25 agreements that cover a space of 170,000 km to dig 109 oil wells during the concession period, said Minister of petroleum Sameh Fahmy.

The minister added that 60 agreements were reached from July 1999 to June 2004 with a total investment of $ 1.455 billion including 37 agreements to prospect for oil and gas with US, British, Italy, Greek, Swiss, Tunisian, French, Canadian and Croatian companies.

The Minister added that the amendments introduced into gas pricing accords approved by the People's Assembly averted Egypt major risks and contributed to easing burden of the balance of payments.

"It saved about $ 1.7 billion since enforcement in July 2000 and until last October i.e. $ 4 million a day, Fahmy said.