VOL. XXXVIII

NO. 24

13-MARCH-1995

Egypt

Banbi Signs Oil Agreement With Saam Company

Egyptian Oil Minister Hamdi al-Banbi has signed an oil exploration andproduction agreement with Egypt's Saam Company, the Oil Ministry said on 9March. The company is owned by businessman Sami al-Ashram, and the agreementwith him is the second to be concluded with a private Egyptian firm. This is inline with Egypt's new policy of encouraging local private sector companies toplay a more active role in the country's...