Three companies to export for oil in Egypt

Three Arab and international oil companies have been awarded concession rights to explore for oil in four zones in both the eastern and western deserts, South of the Nile Valley and the Gulf of Suez.

Egypt's Minister of Petroleum and Mineral Wealth Sameh Fahmy said that well-studied plans were being carried out to achieve comprehensive development in the area South of Nile Valley.

He pointed out that stress was being placed on all oil-related activities including exploration and development of crude and gas production areas.

Meanwhile, Chairman of the South Valley holding oil company said that 13 Arab and international companies have submitted bids to operate in zones south of the valley.

He said that three companies from the UAE, Britain and Australia have been awarded concession rights to explore for oil in the Gulf of Suez, the Western desert and the area west of Komomobo