New oil excavation agreements in maritime and land expected

The Egyptian Minister of Oil Hamdy Al Banby stated that the year 1998 will witness the signing of new excavation agreements in maritime and land areas for the first time within the auction announced by the Oil Authority this year. The move is expected to increase the volume of activities of companies working in Egypt.

Al Banby added that ten agreements were signed during the first half of the current year. He said that L.E. 10 billion was allocated to implement projects in Alexandria during the coming three years in the field of refining and petrochemical industries and to set up maintenance companies with the participation of the private sector.

He stated that the success of the Egyptian oil experts in providing 85% of Egypt's needs of the unleaded benzene without much investments helped in keeping the prices form rising.