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Egypt oil minister: Oil prices should be examined

Egypt's oil minister calls for a study of oil prices in 2011

Adel Ibrahim, Saturday 25 Dec 2010
Sameh Fahmy.
Egyptian oil Minister Sameh Fahmy.
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Egypt is engaged in various oil and gas projects in cooperation with Kuwait, Libya, and the United Arab Emirates (UEA), like the Arab Gas Pipeline and the Sumed Pipeline, Egyptian Minister of Oil Sameh Fahmy told reporters at a press conference after the closing of a meeting of the Organisation of Arab Oil Exporting Countries (OAPEC). 

This in addition to petroleum projects implemented by major Egyptian oil companies like Enppi and Petrojet worth $5.1 billion in 14 Arab countries.

Minister Fahmy told reporters that the reasons behind soaring oil prices are temporary, such as bad weather sweeping Europe, pushing demand up and hence prices. Fahmy called for an "in-depth and careful study" to examine base level oil prices in 2011.

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