Saturday, June 17, 2006

Energy: Egypt's gas supply could last 70 years

The Kuwait News Agency (KUNA) reports that international studies showed that Egypt's natural gas reserves, estimated at 67 trillion cubic feet, could last up to 70 years, said Egyptian Minister of Petroleum Sameh Fahmy.

In a statement published today, Fahmy said according to studies, reports, and activities performed by foreign oil companies working in Egypt, the possible natural gas reserves are estimated at 90 trillion cubic feet, 70 trillion of which located in the Mediterranean area.

On Thursday, Fahmy announced the beginning of petrochemical industries in Egypt after creating a national plan that aims at making the maximum use of petroleum resources in Egypt and boosting the added value.The minister noted that eight projects are being executed in Egypt as part of the first phase of this plan with investments estimated at USD 5 billion.