$2 billion Malaysian investments in oil, gas fields

Major Malaysian oil corporation PETRONAS announced a new plan for investment in oil and gas projects. The plan also calls for developing already discovered fields in Egypt and expanding projects of liquefying and exporting natural gas in Edko, in north Delta, with a production capacity of 7.2 million tons of liquefied gas/ year.

Speaking to an Egyptian press delegation during an inspection tour the gas production and export sites and facilities in Malaysia, Nasr Eddin Idrees, Vice-President of the Malaysian state- owned oil company PETRONAS stated that the Corporation is planning to make direct investment and to engage in exclusive oil and gas prospecting in areas offered for international tender by the Egyptian petroleum sector.

He pointed out that PETRONAS is currently participating with a consortium of major international companies operating in Egypt in implementing four oil- prospecting agreements in offshore areas in north east Mediterranean. It is operating, in conjunction with Tharwa, the first Egyptian investment oil and gas company in as-Salloum, Ghazalat, Siwa and el-Farafra.

PETRONAS Vice-President affirmed that the gas industry in Egypt currently is in increasing demand by international companies to increase their investments and activities in this industry, especially the increase in natural gas reserves. This represents opportunities for attracting more investments, given Egypt's climate of stability as well as the clear-cut strategy adopted by the Egyptian oil sector.