Egyptian Petroleum Minister praises cooperation with Kuwait

Egyptian Minister of Petroleum and Mineral Resources Sameh Fahmy praised the cooperation between his country and Kuwait, specifically in the field of oil prospecting and refining as well as other industrial fields.
Speaking on the sidelines of the Second Arab Petroleum Fair, which kicked off in the Egyptian capital, Fahmy said that Kuwait made significant contributions to several Egyptian industrial projects. He cited the petrochemical refinery project and the Petroleum Refinery in Port Said and other projects.

Fahmy said that he has been holding regular meetings with his Kuwaiti opposite number Sheikh Ahmad Al-Fahd Al-Sabah for the purpose of encouraging more Kuwaiti investments in Egyptian power generation projects.
Fahmy added that more than one joint Kuwaiti-Egyptian power generation projects were in the pipeline, specifically in the oil, gas and petrochemical fields. Meanwhile, the first Kuwaiti crude oil consignment to Egypt, consisting of 1 mm barrels, was sent last August to be refined.

Fahmy said that up to 50 foreign oil companies were now active in his country in the fields of oil prospecting and extraction.
He said that their operations were focused specifically in the Mediterranean sea bed as well as the Western Desert, the Suez Canal and just recently in the Egyptian countryside.

Fahmy stressed that the cooperation between his country and Kuwait had played a part in several achievements. He said that his country's confirmed reserves in crude oil were about 3.6 bn barrels while its confirmed gas reserves were about 67 tcf.
He added that unconfirmed reserves ranged between 20 and 100 t of gas. He also said that investments of about $ 10 bn were required for the extraction project within the next five years.