Reliance may invest $10 bn in Egyptian oil sector

NICOSIA: Reliance Industries is thinking of investing about $10 billion in Egypt's oil, petrochemicals and plastics industries, a company spokesman has said.

If the investment takes place, it is expected to create some 90,000 new jobs.

Reliance is considering the construction of a one billion dollar refinery and to invest another $7 billion in a number of petrochemicals and plastics industries in Egypt.

No details of the specific companies have been given.

The announcement was made following a meeting in Alexandria between Egypt's Prime Minister Ahmad Nazif and Reliance executives on August 8.

A number of Indian companies have shown keen interest mainly in Egypt's natural gas sources.

ONGC Videsh has acquired exploration rights in the North Ramada Concession in the Gulf of Suez, where the Indian company has already announced its first discovery.

The same company is reportedly trying to acquire a one third interest in Shell's North East Mediterranean Deepwater concession for $380 million.

Three years ago, the Gas Authority of India acquired a 15 percent stake in Egypt's private natural gas distribution company NATGAS.