Govt signs agreements with oil giant Eni

Italian oil company Eni recently signed two agreements with the Egyptian General Petroleum Authority and the Egyptian Holding Company for Natural Gas, by which the Egyptian side will be granted partnerships in Eni projects in Iraq and Gabon in return for set amounts of natural gas.

Eni currently has investments in Iraq worth some US$20 billion, while it produces 450,000 barrels of oil a day in Gabon.

In press statements on Wednesday, Petroleum Minister Sameh Fahmy said the EU was interested in linking the Arab Gas Pipeline to the EU network.

“These agreements will lead to greater cooperation between Egypt, Syria and Lebanon and increase oil search activities in the Mediterranean region,” Fahmy explained, adding that such activities serve to benefit the economies of all countries involved.

The Arab Gas Pipeline is only 94 km from Turkey, which will undertake responsibility for linking it to the EU network by 2011.

Translated from the Arabic Edition.

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