Fahmi calls for more oil investments

Egypt's Minister of Petroleum, Sameh Fahmi, yesterday called for increasing efforts to attract investment in oil and natural gas prospecting in the Southern Valley.

"The Southern Valley Holding Company for Petroleum is currently conducting prospecting operations in the Red Sea area," said Chairman Hassan Akal.

Meanwhile, the Chairman of the Misr Gas Company, Adel Abdul Hamid, said that his company's operations for 2004 reached LE 392 million.

In addition to extracting gas, the company provided 87,000 new housing units, 103 factories and other services 132,000 consumers; all with a net profit of LE 103 million.

"The company's policy is to target external markets such as Nigeria and the Gulf states," said Abdul Hamid.