Sunday 15 Mar 2015 - 11:27 Makkah mean time-24-5-1436
Italy's Eni seals $5bn Egypt gas exploration deal (Google image)
Sharm El Sheikh, (IINA) - Egypt's Petroleum Ministry here on Saturday signed a deal with Italian petroleum operator Eni to develop concessions in various areas of the country at investments worth $5 billion, media sources reported.
The deal was signed between Egypt's Petroleum Minister Sherif Ismail and Eni CEO Claudio Descalzi on the sidelines of an economic summit that kicked off Friday in the Red Sea resort town of Sharm el-Sheikh.
Ismail said that the new agreement will extend to nearly five years, during which the Italian operator is projected to generate 900 million standard cubic feet of natural gas.
He noted that the investment was for concessions in the Mediterranean, the Western Desert, the Nile Delta and Sinai, and added the deal would be finalized within six weeks.
In addition, Egypt's Transport Ministry on Saturday signed six agreements with international firms to develop seaports and railway projects with investments worth $2.16 billion.
The ministry inked a deal with DP World, an Emirati marine terminal operator, to build a liquid bulk storage terminal in the Red Sea port of Ain Sokhna for $415 million, Transport Minister Hani Dahi said in statement.
The project includes acquiring a 250 square kilometer plot of land to implement the liquid bulk terminal, Dahi said.
Also Egypt plans to build a new administrative and business capital east of Cairo that will house five million people, a minister announced Friday at the global investor conference, AFP reported.
The Egyptian government has unveiled a host of investment projects at a major economic conference in the Red Sea town of Sharm el-Sheikh in hopes of luring investment to revive its economy.
Egypt received a total of $4.7 billion worth of foreign investment during the 2013/14 fiscal year.
SM/IINA
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