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Egypt seeking Qatar gas deal

Cairo, October 25, 2012

Egypt has agreed to import Algerian gas and is in talks with Qatar for a similar deal, said the prime minister, a move that may help Egypt meet its own export contracts while domestic demand rises.

"We have reached a general agreement with the Algerian side to import gas from Algeria but the amount is still under negotiation," Prime Minister Hisham Kandil said.

He said Cairo was also studying importing Algerian crude oil to Egypt, where it would be refined.

In addition, he said Egypt was in talks with Qatar to import liquefied natural gas to cover Egypt's needs.

Qatar, which is the world's largest LNG producer, said in September it would invest $18 billion in tourism and industry projects along Egypt's Mediterranean coast over the next five years, in a bid to support the battered economy.

Egypt has also been seeking support from other Arab states and the international community after political turmoil following the uprising that ousted Hosni Mubarak last year encouraged many investors and tourists to pack up.

"We are pushing hard to attract investments. We have investment agreements worth $18 billion along the Mediterranean sea," Kandil said.

The projects previously cited include $8 billion for gas, power and iron and steel plants at the northern entrance to the Suez Canal and $10 billion for a giant tourist resort on the Mediterranean coast.-Reuters




Tags: Qatar | Egypt | investment | Algeria | gas |

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