A subsidiary of Chile’s state owned oil company ENAP plans to spend $30 million to build a 90 km oil pipeline in the Western Desert, the country’s ambassador announced on the recent economic summit in Sharm El Sheikh.
The pipeline will make possible extraction of oil from the new discoveries west of Cairo. The oil will be directed into the Egyptian market to satisfy domestic demand.
The Egyptian government recently announced large investment partnerships to develop petroleum resources in the Western Desert, with notable deals including BP and BG. These agreements were facilitated by the summit held in Sharm El Sheikh as Egypt tries to ramp up foreign direct investment.