Egypt increases targeted oil & gas investments to $9B: Petroleum Ministry

CAIRO - 25 September 2023: The Minister of Petroleum and Mineral Resources, Tarek El Molla, announced an increase in targeted investments to a range of $8.5 to $9 billion by the end of the current fiscal year.

This represents a significant boost from the previous estimates of $7.7 to $8 billion, as previously stated by El Molla. The minister made this announcement during an interview with Asharq Business, which took place at ADNOC's inaugural fuel service station in Maadi.

The newly launched service station, had investments amounting to LE 50 million, and is expected to generate 250 direct and indirect job opportunities. Furthermore, it serves as ADNOC's first venture in Egypt's petroleum product marketing and distribution sector, made possible through its recent partnership with Total Energies Marketing Egypt.

El Molla emphasized that ADNOC's entry into Egypt signifies the continuation of the strategic alliance between the United Arab Emirates (UAE) and Egypt. He highlighted the UAE's significant presence in Egypt's economic landscape, with a total of 1,730 Emirati companies currently operating across various sectors.

The increased investments in Egypt's petroleum sector are expected to drive economic growth and foster continued development in the country. With the revised target of $8.5 to $9 billion, Egypt is poised to attract substantial investments that will contribute to the expansion and modernization of its oil and gas infrastructure.

As Egypt continues to position itself as a key player in the global energy market, the partnership between ADNOC and Total Energies Marketing Egypt is anticipated to further enhance the country's energy sector capabilities and ensure a reliable supply of petroleum products to meet domestic demand.