Egypt -Algeria oil and gas cooperation

Egypt’s Oil Minster Sameh Fahmi said that a joint Egyptian-Algerian venture will be established for prospecting for oil and gas in the two states and that returns will be shared equally.

This is the first time in history that Egypt cooperates in the oil sector with an Arab state. The agreement was made after talks that Fahmi made with Algerian Energy Minster Shakib Khalil on the sidelines of the Tenth World Energy Forum that ended in the Qatari capital of Doha Monday.

Fahmi said that his talks with the Algerian Minster showed full understanding concerning all topics tackled, especially that Algeria is seeking to further cement cooperation with Egypt in the oil and gas sectors through the setting up of joint marketing center for Algerian butane gas to countries overlooking the Mediterranean, due to the important location of Egypt.