Minister of Petroleum Osama Kamel unveiled new investments and more economic relations between foreign partners and major Egyptian companies, citing agreements made for upgrading oil fields and wells in Balaeem petroleum sites.

For his part, Manager of Balaeem Company Alaa Allam disclosed that the total funds allocated for upgrading, prospecting for oil in FY 2012-2013 has hit $ 1.27 million compared to $ 1.1 million last year, pointing out that two more oil wells will be dug, pointing and several giant gas in the Gulf of Suez which are under operation.