14 December 2012

Egypt: Minister - Oil Companies Did Not Reduce Investments in Nation

Petroleum Minister Osama Kamal denied reports that foreign companies working in the oil and natural gas field have cut their investments in Egypt.

The approved budgets for foreign companies working in Egypt in oil exploration reached $8.6 billion in FY 2012-2013 or 5% more than FY 2011-2012, Kamal said.

He also denied that the government could order a full pound floatation.

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