Egypt, China negotiate investments in oil fields, Suez Canal

oilrig16 October 2013, Cairo – Chinese Ambassador in Cairo said that negotiations on the injection of fresh investments in the Egyptian market will be finalized soon, thus allowing China’s entry into the field of petroleum and gas exploration.

The ambassador pointed out that the new investments will take the volume of total Chinese investments in the Egyptian market up to nearly USD 4 billion.

China’s ambassador made clear that his country is pursuing a new economic approach of development through pumping foreign investments instead of attracting investments to China. He added that China has allocated USD 500 billion to be pumped in foreign markets, especially in developing countries and Arab markets over the next five years.

During a meeting with a number of the Egyptian and Chinese businessmen, the Chinese ambassador noted that his country is paying due attention to the development of Egyptian-Chinese relations on all levels. He stressed that his country, thanks to its expertise in the field of energy production, is ready to provide Egypt with the technical consultations and financial assistances for the success of Dabaa nuclear project.

The Chinese Ambassador explained that his country pays special attention to the Suez Canal region, where most of Chinese investments are concentrated there. He said that China is ready to provide all support required for such projects.

– Egypt State Information Service

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