Egyptian-American Investments to See $1 Billion Boost from Apache in Coming Year

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Researched by Industrial Info Resources Egypt (Cairo, Egypt)--American investments stand at 10th place among foreign investments in Egypt, with $7 billion invested in 147 companies, said Osama Saleh, the president of the General Authority for Investment and Free Zones, during the Egyptian-American Investment Forum last week in Egypt.

During the meeting, Egyptian Prime Minister Dr. Essam Sharaf met with the U.S. delegation, which comprises managers of 42 major American companies. Sharaf stressed that Egypt has taken an irreversible path toward full democracy, which requires the presence of a strong and highly productive economy. Sharaf revealed that the government's forward process for developing an ambitious development plan, including the establishment of several large national projects, will be announced in the coming weeks.

In the same context, Abdullah Ghurab, the Minister of Petroleum and Mineral Resources, said that Egypt has strong and special relations with American companies, as they played a key role in Egyptian oil and gas fields, as well as their achievements in exploring and prospecting activities in the development of the petroleum sector and in supporting the national economy of the country. This came during a ministerial meeting with Steven Farris, the chairman of the board of directors for the Apache Corporation (NYSE:APA) (Houston, Texas) and president of the American Chamber of Commerce, and the accompanying delegation.

Ghurab said to the Al-Ahram newspaper that he and the president of Apache Company had discussed possible investments in Egypt's next phase of petroleum, gas and petrochemicals sector developments. Egypt has a special relationship with company, which has lasted for years and has achieved many successes in various fields of petroleum.

Farris said that Apache will increase its investment by $1 billion next year, pointing out that U.S. companies that had invested in Egypt in the past would increase investments in the future. Farris expressed his fascination with what has been happening in Egypt since the revolution began on January 25, 2011.

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