$80 million planned investment through the end of 2017 for development of gas fields.
Chilean ENAP Sipetrol, the foreign JV partner in Egyptian Petroleum Sector subsidiary Petroshahd, plans to complete the construction of a 90 km pipeline in the Western Desert by next June at a cost of $22 million.
Eng. Sayed Rezk, ENAP Sipetrol’s General Manager, said that the company has completed 80% of the pipeline’s construction work, with the remaining work to be completed by next June according to the agreement with Qarun Company.
Eng. Rezk added that ENAP Sipetrol will start a development program of gas fields during the year with an initial investment of $15 million and to be increased later on through cooperation with Kuwait Energy Company. Eng. Rezk that the company plans to inject new investments worth $80 million through the end of next year to participate in gas fields development projects.
(Source: Al Borsa News)