Friday, September 2, 2011

Egypt mulls new natural gas projects in Iraq

<p>A file photo of a tower of an oil refinery.</p>
Added: September 1st, 2011
Author: admin2

The Egyptian Natural Gas Holding Company (EGAS) is considering several new natural gas projects in Iraq in collaboration with Iraqi and foreign firms, according to the company’s director, Hassan al-Mahdy.
The projects would include excavations and the construction of distribution networks, Mahdy told Al-Masry Al-Youm. He said the projects targeted provide multiple opportunities for Egyptian construction and consultancy firms.
Mahdy added that Iraq’s energy sector is highly attractive for service providers. He said also that Egyptian companies would enjoy a stronger presence in Iraq, where the city of Basra, the country’s petroleum industry hub, hosts an operation centre for Egyptian petroleum companies.
Meanwhile, a senior official at Egypt’s General Petroleum Corporation has announced that the two countries are considering an Egyptian-Iraqi joint-venture for the excavation of oil wells. He said the potential move comes as part of Iraq’s bid to drive up its oil and gas production through installing nearly 8000 wells.