Petroleum Ministry to promote Egyptian oil companies in the Gulf

The Egyptian Ministry of Petroleum will step up its promotion of Egyptian oil companies operating in foreign and Arab countries, especially in the Gulf region, to take advantage of increased global demand and the rising prices of oil.

Minister of Petroleum Abdallah Ghorab is considering a tour to Qatar and the Sultanate of Oman to promote Egyptian oil companies there, he told Al-Masry Al-Youm.

Egyptian public-sector oil companies won international bids put forward by 14 oil-producing countries in and outside of OPEC (the Organization of Petroleum Exporting Countries) with a total value of US$4.6 billion through the end of 2010, according to the Ministry of Petroleum.

Meanwhile, the Arab ministers of petroleum gathered in Cairo on Saturday for an OAPEC (the Organization of Arab Petroleum Exporting Countries) meeting, to approve the organization’s draft budget, discuss the appointment of new audit bureau members for 2012, and follow up on developments concerning the United Nations Framework Convention on Climate Change and the Kyoto Protocol.

The petroleum ministers of Bahrain, Algeria, Libya, United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Syria and Iraq participated in the conference.

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