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FINANCIAL NEWS
Egypt to increase imports of Algerian gas by 50%
24 Oct 2012
(MENAFN) Algeria’s Foreign Minister, Murad Mdelci, announced that his country would increase its gas exports to Egypt by 50 percent, reported Kuwait News Agency (KUNA).
Mdelci said that Egypt would receive 1.5 million tons of gas from Algeria on annual basis, up from 1 million ton.
The country, which provides Egypt with 50 percent of its gas needs, will benefit from Cairo’s experience in the field of advanced technology, textile industry and building materials.
On the other hand, Egyptian Foreign Minister, Mohammad Kamel Amr, said that in order to boost bilateral ties between the two countries, Egypt would slash rates of air cargo from Algeria to Egypt; moreover, it plans to attract more Algerian tourists.
It is worth noting that Egypt has asked Algeria for a loan, according to several reports.
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