Investment Minister Osama Saleh received delegation of the US Improved Petroleum Recovery (IPR) group to discuss desire to increase investments in Egyptian market by around US$300 million in 2014 through funding granted by the European Bank for Reconstruction and Development.
In a statement on Monday, the ministry said the announcement of a partnership between the bank and IPR will take place this December.
The US group has been working in Egypt for 30 days with investments that exceed $400 million at al-Alamin and Zeitoun mountain in Suez. IPR was able to produce more than 40 million barrels of oil and gas, which brought around $1 billion to Egypt.
The group has investment projects in the United States, Pakistan, Syria and Egypt.
Edited translation from Al-Masry Al-Youm