British petroleum investment in Egypt

Egypt's Minister of Petroleum Sameh Fahmi, who just came back from London, said on Wednesday that he contacted several international companies operating in the oil field with a view to attracting more foreign investments in the Egyptian oil sector.

Fahmi added that through his participation in the conference on petrochemical industries and the Euro Money Forum, held in London, he expounded investment opportunities in the Egyptian oil sector.

Chairman of the British Gas Hesham Mekawy said that the company will pump more investments worth $4 billion throughout the coming five years in the field of oil and gas exploration.

He added that the company is currently upgrading Saqqara field in the Gulf of Suez.

The operation's cost is estimated at $ 230 million with the object of adding 45000 barrels a day.