The Egyptian Petroleum Minister Eng. Sameh Fahmy said that in spite of the global financial meltdown, the oil sector succeeded to be a magnet for investments of major international companies seeking the exploration and development of the country’s oil and gas fields.

Over the last five months, 17 petroleum agreements, worth $3.5 billion, were approved by the Egyptian cabinet, Fahmy said.

He further added that Egypt remains a fruitful ground for investments especially in the fields of oil and gas.

Meanwhile, the Chairman of Egyptian Natural Gas Holding Company (Egas) Mahmoud Latif said that the natural gas reserves in Egypt doubled during the last decade.