New Gas Price Formula Introduced into Oil Agreements Generated Savings of US740 Million Up to the End of 2003

摘要

The new gas price-setting formula introduced into exploration and production-sharing agreements resulted in foreign currency savings of US740 million for the Egyptian state between July 2000,when it came into effect,and the end of 2003.This was revealed by the Prime Minister,Mr.Atef Obeid,in the 2003 report the presented to the People's Assembly (Parliament) at the end of December.