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French firms consider boosting investments in Egypt

French firms consider boosting investments in Egypt
Total seeks to explore new areas for oil and gas in Egypt

Cairo – Mubasher: Egypt’s petroleum minister discussed with several French major oil firms and financial institutions the possibility of expanding their activities in Egypt, especially in the natural gas sector.

French energy company Total seeks to increase its activities in Egypt, explore new areas for oil and gas in the western Mediterranean Sea and the Red Sea, as well as raising its investments in developing gas stations and infrastructure for transporting, storing, and distributing products, chairman and CEO of Total, Patrick Pouyanne, said.

In addition, Axens Group also aims to expand its activities in the North African nation in the current period especially after the improvement of the country’s economy on the back of the economic reform programme, the company’s chairman noted.

Furthermore, Credit Agricole considers contributing to financing major oil projects in Egypt, the lender’s deputy chairman revealed.