Minister of Petroleum and Mineral Resources Sherif Ismail said on Tuesday that the Petroleum Authority reached an amicable settlement in the dispute with the Kuwait Gas and Oil Company under the mediation of the Cabinet’s settlement committee.
Ismail said the company will now continue its natural gas project in the Eastern Desert to produce 15 million cubic feet per day over 24 months with an investment of US$60 million.
He said the fact that the company is resuming work confirms the feasibility of the project. “The project utilizes gas that burns in the air, produces high quality petroleum products and protects the environment by extracting sulfur instead of burning it,” he explained.
Edited translation from Al-Masry Al-Youm
