Fahmi signs 2 oil agreements worth $ 330.5 m

Oil Minister Sameh Fahmi signed Sunday 8/11/2009 two oil agreements on behalf of two Egyptian petroleum and natural gas companies with two UAE and British oil firms with minimum investment values worth $330.5 million.

Fahmi signed the agreements for Ganoub El Wadi Petroleum Holding Company (Ganope) and the Egyptian Natural Gas Holding Company (EGAS) with UAE Ras al-Khaimah Oil & Gas Company and the British Petroleum PLC (BP).

The first agreement has to do with excavation and digging operations in Ghazaliyat area in Assiut and the second covers the Mediterranean coastal area of north El-Tina.

The agreements also include signing grants reaching $21.5 million.

(Oil Egypt)


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