HSBC: The oil & gas bank page 14
No to cartel page 17
100 years, 100 championships page 19
Germany: The “Hidden Champions” of the Global Market
Chapeau! Gaz de France
Investing in the young Egyptian generation
A look at German investment in the Egyptian oil and gas sector reveals a tale of global encouragement for Egypt and untapped opportunities for Germany page 8
Jean-Lois Chenel, Gas de France Egypt General Manager, told us about the company’s strategies and expansion plans
An interview with Mohamed Hemeda, General Manager of Weatherford Egypt about the compay’s new academic project
June 2007
Issue 6
page 12
page 16
Published by Egypt Oil and Gas S.A.E
24 pages
Continued on page 11
WITH a high purity degree of 99.99%, Egypt has achieved its first unprecedented step to invade the world of gold and revive its mining drive by announcing the production of the first experimental Egyptian gold bar in Egypt, after 50 years of hard work. Dr. Hussien Hamoudah, Chairman of the Egyptian General Mineral Resources Authority (EMRA) clarified that the bar is produced by Hemsh Misr Company from its concession area in the Eastern Desert, which is located 100 km South-West Marsa Alam city. Last January, Eng. Sameh Fahmy, Minister of Petroleum and the International Finance Corporation (IFC), the private arm of the World Bank group signed a memorandum of understanding (MoU) with the objective of reconstructing the Egyptian mining sector. Some officials predicted that this MoU is to generate more than $10 billion into the country. New policy framework is expected to be finalized within one year, through which the old laws prohibiting foreign mining firms to exploit the reserves will be modified as the current local expertise are not enough to develop this important sector alone. Currently, two Australian companies are operating in the Eastern Desert. The largest, Centamin, claims proven resources of more than 7.7 million ounces of gold, according to the Daily Star. w
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