New York Times: Egypt still attractive for investments oil companies

The newspaper "New York Times" U.S. report Thursday that despite the financial difficulties faced by Egypt in paying the bill oil and debt higher for international oil companies operating out van this companies are able to withstand high levels of debt are still attracted to investment in the oil sector Egyptian gas is likely to detect.
She said NH For example, British Petroleum Company decided last September to invest $ 11 billion in a gas project in Egypt, which is expected to produce, when completed, 40% of the total natural gas production in Egypt.
The company agreed Apache American Petroleum last February to spend billion dollars in the development of Egyptian hydrocarbons during the next two years.
The newspaper pointed out that due to growing domestic consumption in Egypt accelerated the trend in Egypt ended the use of its share of production locally instead of earning more revenue necessary export as the country moved from export to import over the past decade.

She explained that under the financial and economic conditions faced by new Egyptian government estimates indicate the government by between 6 to 7 billion dollars for the benefit of foreign companies for oil and natural gas produced by these companies and handed over to the company Egypt General Petroleum owned by the state.
The newspaper "New York Times" on its website, citing oil executives that the Ministry of Petroleum in negotiations to reach a new pay deals with those companies that are among the largest investors in the country.
In this regard, the company noted Dana English Petroleum which has a branch in Masraly it received 78% of this late Madionat by last April but still looking "different forms to schedule the remaining amount with Egyptian General Petroleum Corporation.

The newspaper pointed out that Dana like the other companies involved in oil exploration in Egypt, including the BP British and Italy's Eni and Spain's Repsol are with Egypt General Petroleum joint projects to explore oil and natural gas system of partnership between the state and the company.

She said most expenses, government recede in providing support to keep natural gas prices without market rates as it Egypt by cheaper fuel prices in the Middle East and therefore it is not surprising that the value of an invoice Egypt for support in order to maintain fuel prices have jumped to nearly 16 billion a year.