Egypt is currently seeking increased investment in its oil industry, according to Samah Fahmy, Egyptian Minister of Oil.
Foreign investments in the country has been steadily rising in recent times due to greater economic and political security, reports Cairo MENA.
However, Fahmy added at a recent press conference with leaders from various international oil corporations, that investments need to grow further to achieve the development in the oil sector that Egypt seeks.
In an tempt to boost oil exploration and utilization of its current reserves—estimated at approximately 3.5 trillion cubic meters—an international oil conference will be held in October 2002.
The conference aims to promote the county’s oil industry by exposing participant firms to the potential of the Egyptian oil industry, and by sharing industry expertise. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
