Three foreign companies are negotiating with the Ministry of Petroleum plans to develop oilfields in the Red Sea over the next three years at expected investments worth 90 billion Egyptian pounds.

 

Eng. Sameh Fahmy, Minister of Petroleum said on the sideline of the National Democratic Party’s Committee of Energy and Development, that the Egyptian petroleum sector has overcome the fallout of the world economic crisis.

 

“There are new investments in the sector,” said the minister, expecting the industry to completely overcome the crisis by the end of the year.

Fahmy asserted that the investment climate is favorable in Egypt. In 2008, the sector attracted investments of seven billion pounds, he said. There were 60 oil and natural gas discoveries in the past year, added the minister. The sector grows by seven percent this year, Fahmy said, adding that the expected rate was 5 percent. In view of the growing costs of the oil and natural gas production, there will be changes in prices in the coming period, said Fahmy.