Egyptian Investment Company Pumps Money into Oil
Posted on: Wednesday, 24 August 2005, 15:00 CDT
"Tharwa "is Egypt's first oil exploration investment company. The company was founded at the right time in which oil prices are hitting great hikes in recent times and Egypt seeks to increase its oil revenues, noted Minister of Petroleum Sameh Fahmy. The Minister went on to say that the establishment of the new company falls within the framework of a comprehensive ministry programme to raise revenues from foreign currencies
. Such a programme will create a large number of new jobs, Fahmy said Monday during a meeting of the General Assembly of Tharwa. For his part, Chairman of Tharwa Atef Abdul Sadek stated that the first oil well will be drilled soon at Theqa in North Sinai. Oil from this well will begin to be sold on the global market by 2006. "Tharwa", was founded in March 2004. The company has a 400 million dollars' capital shared by the ministry of petroleum and the ministry of finance among other partners.Source: Info-Prod Research (Middle East)
Related Articles
- Noble Energy Announces Sanction of Aseng Oil Project In Equatorial Guinea
- Russian Ship Cracks in Storm, Spills Oil
- BBC Monitoring Headlines, Quotes From Iraqi Press 5 Mar 06
- US, European Allies Press for UN Action on Iran
- China to Abolish Import Quotas on Three Kinds of Oil
- Iraqi Minister Denies Product Sharing Agreement, Warns of Oil Smuggling Mafia
- Business in Asia -- August 29, 2005
- Sudan Oil & Gas Summit to Take Place in London
- Iran Press: Majlis Approves Inquiry into Oil Ministry
- Attacks Target Iraq Hotels, Oil Ministry
Rating: 3.2 / 5 (6 votes)
 |
 |
Rate this article:
User Comments (0)
RSS Feeds