Fahmi: Oil prices hike poses serious threats to world economy

Egypt's Minister of Petroleum Sameh Fahmy said that the hikes of oil prices pose grave threats to the world economy since all the development programs are to be affected seriously by this increase.

Fahmy called on the world governments not only the oil ministers to draw up urgent plans to face this threat.

During his meeting with Oil Ministers of Syria, Jordan and Turkey to discuss natural gas supplies to Europe via Turkey, Fahmy said that the sudden increase in prices of oil was not expected.

In addition, Fahmy asserted that the increase of oil prices helps in boosting Egypt's programs for the sales of its natural gas to the world markets.

He further said that the prices of the liquefied natural gas exported to European countries are higher than the rates indicated by feasibility studies hence, the national economy gained more revenues due to the high-prices of the crude oil that led to growing demand for Egyptian natural gas by European countries.