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Egypt attracts $10.7 billion in oil & gas investments

Egypt attracts $10.7 billion in oil & gas investments
Region: Egypt
Created: Apr 05, 2010, modified: Jan 13, 2012, overall rating: 0.000



Egyptian Minister of Petroleum Sameh Fahmi said that the petroleum sector has managed to attract new global investors to sign 163 new agreements worth $10.7 billion (LE60 billion), in addition to $34.6 billion in search, exploration and development investments.

“The outcome of those agreements helped achieve 466 new oil, gas and condensates finds in several governorates and coastal areas,” said Fahmi in press statement.
He noted that these new finds have added 2.2 billion barrels of crude oil and condensates in Egyptian reserves of petroleum.

“We now also have 41.8 trillion cubic feet of natural gas, upping total reserves to 18.3 billion barrels of equivalents,” said the minister.

Minister of Oil Sameh Fahmi said the 1st factory of oil pipelines and drilling equipment will be inaugurated soon, referring to cooperation with China and Japan in this respect.

In statements during a visit to the industrial zone in west of the Gulf of Suez Sunday, Fahmi said the project will positively contribute to providing drilling equipment to companies operating in Egypt.

The project will also strengthen Egypt's position on the global oil map and provide the oil sector's needs of drilling devices and equipment in Egypt, North Africa and the Middle East, the Minister said.

Solar-thermal power plant
Egypt's solar-thermal power plant in Koraymat will be fully up and running by the end of the current year, according to a report released by the Electricity and Energy Ministry on 2007-2012 projects in the electricity sector.

Investments at the Solar Thermal Project - Integrated Solar Combined Cycle Power Plant (ISCC) in Kuraymat, about 90 kilometers south of Cairo , on the eastern side of the River Nile are estimated at two billion Egyptian pounds.

The plant, the fourth of its kind in the world, comprises two gas turbines of about 40 MWs each, one steam turbine of about 70 MWs and one parabolic trough solar field capable to generate about 200 GWh/a (thermal) of solar heat. The expected overall capacity of the environment-friendly project is 140 MWs.



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