A new oil pipelines company will be set up to confront challenges of the private sector importation of oil products and the needs of development plans , Minister of Petroleum Sameh Fahmy said.

The oil sector will do its best to increase Egypt’s wealth and up oil and natural gas reserves and output, the Minister said at the end of a meeting of the general assemblies of private oil companies.

Minister of Electricity and Energy Hassan Younis attended the meeting along with Minister of Local Development Abdel-Salam Mahgoub.

The Minister lauded the recent oil finding of the state-owned Egyptian General Petroleum Corporation (EGPC) in Amer field of the Gulf of Suez.

EGPC Chairman Sherif Sousa said the discovery has led to upping the company’s reserves of crude oil to 1.2 billion barrel.

In mid August, a report said Egypt’s oil and natural gas reserves shot up to their highest levels by standing at 18.3 billion barrels against 11.8 billion barrels in 1999-2000. The reserves are expected to hit 20 billion barrels within the coming two years.

(SIS)