Gazprom's delegation travels to Egypt
Headed by Alexander Ananenkov, Deputy Chairman of the Company’s Management Committee, Gazprom’s delegation traveled to Egypt, holding in Cairo negotiations with Sameh Fahmi, Egyptian Petroleum and Natural Resources Minister and the top management of Egyptian Natural Gas Holding Company (EGAS).
The parties identified key directions of further cooperation backed by the agreements sealed in the course of the Gazprom’s Management Committee Chairman Alexey Miller’s visit to Egypt in March 2005. The meeting also addressed the implementation of paramount measures within the March 2005 Memorandum of understanding signed between Gazprom and EGAS.
Special emphasis was placed on cooperation in Egyptian gas exports to the Near East; Egyptian promising off- and onshore field exploration, development and operation; gas transmission infrastructure construction, export pipelines inclusive; LNG production and exports; intensification of gas consumption in Egypt.
Gazprom and EGAS agreed to set up a Joint Coordinating Committee to be composed of working groups overseeing major joint businesses.
Egypt’s proved natural gas reserves account for 1.76 tcm – third-largest in Africa, after Nigeria and Algiers – with oil reserves amounting to 500 mln t. Natural gas, oil and hydropower share in the country’s power and fuel balance stands for 42%, 50% and 8%, respectively.
Egypt’s gas industry is experiencing rapid development with natural gas production doubling over the past 4 years to some 31 bcm/y. While the International Egyptian Oil Company (IEOC) is the largest natural gas producer in Egypt, the domestic gas industry is being managed by the state-controlled Egyptian Natural Gas Holding Company (EGAS).
In 2003, for the 1st time in the country’s history, Egypt started exporting natural gas by the Egypt-Jordan gas pipeline. In the autumn of 2004, Egypt brought into operation the 1st line of a gas liquefaction plant. At present, the country is actively developing gas distribution networks.
In March 2005, Alexey Miller, Gazprom’s Management Committee Chairman went on a business trip to Egypt, meeting with Ahmed Nazif, Prime Minister of the Arab Republic of Egypt and Sameh Fahmi, Egyptian Petroleum Minister. Gazprom and EGAS sealed a Memorandum of understanding outlining promising joint businesses.
Information Directorate, OAO Gazprom