$ 20 billion new investments in oil sector over five coming years

In light of Egypt's President Hosni Mubarak's new economic directives as well as the policies of the 3rd generation for reform, Minister of Oil Sameh Fahmy said that the plan of oil sector aims to attract $ 20 billion investments in the domain of natural gas production.

The investments will include $ 16 billion direct foreign investments and $ 4 billion local investments, added Fahmy, noting that Egypt will sign 39 new agreements this year with foreign companies working in the domain of exploration of petrol and gas as well as developing the current oil fields.

In his statements to Al Ahram daily, Fahmy said the time is ripe for the private sector in Egypt in both oil sector and mineral wealth in light of the growing investment chances and increased growth in oil, gas and petrochemicals industries.

Egypt's exports of oil, gas and petrochemicals upped through this fiscal year to $ 5.5 billion which is considered the largest figure achieved in oil sector so far, added Fahmy, noting that the exports are expected to increase $ 6.7 billion to reach $ 10 billion in 2010.

This increase comes due to the increase of natural gas exports as well as doubling the exports of oil products and petrochemicals to the European and US markets.

Meanwhile, the minister said that the oil sector plan aims to provide 6 million residential units with gas through $ 30 billion investment over coming 15 years.

The minister further pointed out to the success of the economic model in the oil sector in attracting investments as well as implementing many giant projects that were funded by world and Arab funds.