Egypt Unveils 4 Fresh Oil Accords with Investments Worth US$62 mln

Eng. Sherif Ismail, the Minister of Petroleum and Mineral Resources, has announced on Tuesday a new project based on 4 recently-signed oil agreements in east and west desert areas  and in the south of Suez gulf with total investments up $ 62 million.

The Minister has urged for the need to increase natural gas rates for the residential units in the upper Egypt governorates, so as to facilitate and provide butane for the citizens.

Ismail has announced during his chairmanship of the General Assembly of the South Valley Holding company for Petroleum the adoption results works of the fiscal year of 2012/2013 that the Petroleum agreements which signed by Holding company for Petroleum reached about 18 agreements with many numbers of global companies to look into petrol and gas in Egypt with investments up $ 544 million at Minimum.