Fahmi: Egyptian oil firms to return to Iraq

While inspecting a natural gas project in the Middle Egyptian city of Sohag, Petroleum Minister Sameh Fahmi said Monday that the ministry would soon buy land in the southern Iraqi city of Basra where it intended to build premises for Egyptian oil companies planning to start business there. Egypt’s total petroleum investments abroad are close to US$4 billion.

The minister added that ongoing projects to supply Upper Egypt with natural gas were as significant as the Aswan High Dam and the Suez Canal. Fahmi noted that natural gas projects aim to supply some 12,000 households with gas at a cost of LE30 billion, of which LE10 billion have already been spent.

Translated from the Arabic Edition.

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