VOL. XL

No. 42

20-October-1997

EGYPT

IEOC To Spend $1Bn On Egyptian Oil Operations Over Next Five Years

The ENI/Agip subsidiary International Egyptian Oil Company (IEOC) is planning to spendabout $1bn over the next five years on oil and gas exploration and the development of newdiscoveries in Egypt, particularly in Sinai, the Delta and the Mediterranean offshore,according to Egyptian Oil Minister Hamdi al-Banbi as quoted by the Cairo daily al-Ahramof 12 October. The Minister said that IEOC had...