British Gas, Petronas, Edison to Invest $2.1B in Egypt

BEIRUT (Dow Jones Newswires), Feb. 4, 2009

Three international companies have allocated additional investments worth $2.1 billion to boost natural gas production in Egypt, Cairo-based Al Ahram daily reports Wednesday.

The companies are British Gas (BG.LN), Malaysia's Petronas (6033.KU), and Italy's Edison (EDN.MI), the paper reports citing Sameh Fahmy, Egyptian Petroleum Minister.

The funds will be used to drill new production wells and to implement projects for the development of natural gas fields in West Delta, Rosetta, Rashid and Edko in the Mediterranean deep water, Fahmy said according to the daily.

These fields currently cover 40% of Egypt's overall output, he added, Al Ahram reports.

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