Fahmi: Oil sector seeks increasing investments to $20 billion

Egypt's Minister of Petroleum, Sameh Fahmi, who is currently attending a conference on natural gas and petrochemicals in London, said yesterday that his ministry plans to attract US $20 billion of foreign oil investments over the course of the next five years including $4.5 billion for investment in petrochemicals.

Fahmi added that the Ministry of Petroleum aims to increase the production of petrochemicals to the value of US $10 billion.

"This conference is a good opportunity that will open new channels for cooperation between Egyptian and British companies," said Fahmi.

He also noted that Egypt currently produces 1.4 million barrels of oil equivalents gas condensates annually.