Egypt wants bigger share of oil profits

The Egyptian Government wants to take a bigger share of any profits from oil and gas wells in its borders, according to reports. Egypt’s oil minister Osama Kamal said the […]

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By Vicky Ellis

The Egyptian Government wants to take a bigger share of any profits from oil and gas wells in its borders, according to reports.

Egypt’s oil minister Osama Kamal said the country wants a bigger share of projects in all future contracts with foreign firms. The minister said his ministry has finished preparing new wording for any future contracts. This would not affect existing contracts, he told Egyptian newspaper Al Borsa in an article published today.

The country is the second largest natural gas producer on the African continent, according to the US Energy Information Administration, which states that growing national demand boosted by subsidies has led the government to regulate the amount of gas exports.

Last week Egypt handed out contract for a minimum investment of $1.2 billion (£0.8bn) in eight oil and gas projects in the Mediterranean Sea, reported Reuters.