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(Correction) Egypt to Present Initiative at OPEC Oil Price Meeting

Posted on: Wednesday, 8 March 2006, 12:00 CST

(adding the phrase "for the conference of" in the last sentence of the item)

Text of report by Egyptian news agency MENA website

Cairo, 7 March: [Egyptian] Minister of Oil and Mineral Industry Eng Samih Fahmi has said that Egypt will present an initiative to achieve stability of international oil prices at the ministerial meeting of the Organization of Petroleum-Exporting Countries [OPEC] to start tomorrow [8 March] in Vienna.

This came in statements made by Eng Samih Fahmi before leaving Cairo this noon for Vienna at the head of a delegation to participate in the meetings and represent Egypt as an observer.

He said Egypt would launch this initiative through its effective international role because there was a need for all to cooperate to achieve stability in oil market, which has witnessed some instability over the last five years, affecting all commercial, economic fields.

The minister declined to disclose the details of the initiative, saying that he agreed with OPEC to present it to the participating ministers. He indicated that the initiative had been subjected to some specialized, deliberate studies and it would be activated once the conference approved it.

On the other hand, he said he would meet the Kuwaiti oil minister on the sidelines of the conference to discuss setting up a petrochemicals project and activate agreements in this regard. He would also meet the UAE [oil] minister to boost the UAE-Egypt company specialized in the oil domain, he added, noting that he would also meet the Algerian oil minister to prepare for the conference of petroleum-exporting countries in Africa.

Source: BBC Monitoring Middle East

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