Minister of Petroleum Osama Kamel unveiled new investments and more economic cooperation between foreign partners and major Egyptian companies, citing agreements signed for upgrading oil fields and wells in Balaeem petroleum sites.

For his part, Manager of Balaeem Company Alaa Allam disclosed that the total funds allocated for upgrading and prospecting for oil in the FY 2012-2013 hit $1.27 million compared to $ 1.1 million last year.

Source: SIS