Egypt and its $2 Billion Inflow

According to Egyptian Oil Minister Samih Fahmi, some 50 international oil companies are investing 2bn dollars in Egypt in the field of oil and natural gas exploration. Mr. Fahmi made this announcement during a seminar organized by Russia's LUKoil to introduce Russian investors to the petrochemicals industries and investment in Egypt.

Relations between Egypt and Russia in the petrochemicals industries field have entered a stage of full strategic cooperation, joint investment, specialised studies and exchange of data to draw up a future vision of the oil sector in both countries, Fahmi said.

Stability of policies has helped Egypt to be among the most important countries luring investments in petrochemical domains in Africa.

LUKoil will spend 400m dollars as part of investments in Egypt to produce 10 per cent of the country's oil output, according to a Lukoil official.