Athens News Agency: News in English, 06-05-07

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Greece, Egypt to cooperate in natgas, oil

[01] Greece, Egypt to cooperate in natgas, oil

"This is a historic agreement. The two countries, which are laying the foundations for a new era and opening new avenues in their energy ties, have high expectations of it," visiting Development Minister Dimitris Sioufas told the signing ceremony in Cairo.

Under the terms of the two-year pact, a joint committee will be set up to assess the viability of selling and transporting Egyptian natural gas to Greece by means of a pipeline; and from there, to other European countries.

The committee would also assess the terms and conditions for the purchase of Egyptian liquified gas on a competitive basis.

Signing for Egypt was the minister of petroleum, Sameh Fahmi, who said that opportunities for cooperation with Greece in the two sectors were now unlimited.

Sioufas noted that relations between the two countries had gained fresh impetus after recent visits to Egypt by President Karolos Papoulias and Prime Minister Costas Karamanlis.

"The memorandum of cooperation further strengthens excellent relations between the two countries, which are lost in the mists of time," he stated.

With Egypt evolving into a powerful production and exports force in natural gas, the minister welcomed Greece's accompanying rise in status.

"Our country is being transformed into a natural gas transportation channel from output countries in the wider region to major European consumption centres," Sioufas said.

Accompanying Sioufas in Egypt are top management of Hellenic Petroleum and Public Power Corporation, both quoted on the Athens bourse; and the managing director of Public Gas Company.

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