Egypt and Kuwait to explore at Gulf of Suez

Jun 30, 2007 02:00 AM

Eng. Sameh Fahmi, Minister of Petroleum, signed an exploration and development agreement for the Egyptian General Petroleum Corporation (EGPC) with the Egyptian PICO Company and the Kuwaiti KUFPEC Company at the Gulf of Suez (GOS) with total expenditure investments and signature bonuses of about $ 400 mm.
After the signing, Eng. Sameh Fahmi, Minister of Petroleum asserted the importance of increasing the Arab and Egyptian private sector qualified companies' participation in the investments at the oil and mineral resources domains in light of the available investment opportunities along with the expansion in oil, gas and petrochemicals industries.

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