Egypt to invest $1 bil to drill oil, gas wells

Egypt’s Minister of Petroleum Abdallah Ghorab said that a plan is underway to explore for oil and natural gas in Sinai.

The plan, to continue until the year 2014, aims to dig 60 oil wells with investments worth around $1 billion.

Ghorab added in comments to local media that these wells should help meet the local market’s needs and increase the strategic reserves of oil and natural gas.

Negotiations with Spain to raise natural gas prices

Petroleum and Mineral Resources Minister Mohamed Ghorab on Saturday said negotiations with Spain to increase natural gas exports prices are almost finalized in Cairo.

Ghorab also said the ministry cooperated with the Ministry of Social Justice and Solidarity to distribute butane gas cylinders through coupons.

Finance Minister Samir Radwan said on July 13 that the negotiations with Israel about the gas prices will be better after the approval of Jordan and Spain to raise the price of Egyptian gas to the world price.