Egypt’s Minister of Petroleum Sameh Fahmy said the total value of contracts made by oil companies outside the country reached $7.4 billion in 14 countries by 2010.
He added that the oil sector generated nearly LE 448 billion ($80 billion) of Egypt’s gross domestic product (GDP) since the year 2000, which had a positive effect on the domestic market, where people were able to use oil products in a lower price compared to their production costs.
Earlier this month, Egypt signed a memorandum of understanding (MoU) with two Chinese companies to build $2 billion refinery with a capacity of 15 million tons annually doubled in a second stage.
