No foreign investments decline for Egypt’s oil and gas sector: official

Investments of international companies operating in the oil and gas sector in Egypt didn’t decline, a newspaper reported the Egyptian minister of petroleum and mineral resources, Osama Kamal, as saying on Thursday.

On the contrary, Kamal said the budget allocated by these countries to explore and develop Egypt’s oil and gas fields jumped by 5 percent for 2012-2013 in comparison 2012-1011 to reach $86 billion, Al-Ahram newspaper reported.

The increase and continuity of foreign investments will have a positive impact on Egypt as it will contribute in meeting the country’s oil and gas needs.

He also rebuffed a statement which he described as wrongly referred to him stating the government to intervene to adjust the price of the Egyptian pound, adding he did not discuss this topic.