French energy company Total is expected to inject $200 million in new investments into the Egyptian market over the next five years, the Egyptian government said on Thursday after a meeting between Prime Minister Sherif Ismail and a delegation from the French company currently visiting Cairo.
The delegation, which included the company’s vice president for Africa. described the Egyptian market as “promising”, according to a statement by cabinet spokesperson Hossam El-Qawish.
On the sidelines of a gas conference in Cape Town earlier this month, Tom Earl, vice president of gas and power development at the heavyweight French oil company, told Reuters that Egypt could be importing between 15 million-20 million tons annually within a decade, although actual volumes of imports would depend on the development of the county’s huge Zohr gas field, which has an estimated 30 trillion cubic feet of gas.
