ESCWA eyes cooperation with Egypt’s petroleum sector

CAIRO - 23 August 2017: The United Nations Economic and Social Commission for Western Asia (ESCWA) will provide technical assistance for the petroleum sector projects in Egypt, ESCWA’s Undersecretary Mohamed Abdel Hakim said on Wednesday.

In a meeting with the Minister of Petroleum Tarek El-Molla, Abdel Hakim reviewed methods of mutual cooperation between ESCWA and the oil sector in Egypt in the upcoming months.

Molla presented the petroleum sector’s plan to transform Egypt into a regional oil and gas trading hub, and the steps taken to attract foreign investments to the sector.

The Ministry of Petroleum launched a sector development program that aims to develop oil and gas exploration, discovery and production, attract foreign investments, restructure the sector’s companies, develop petrochemicals and refineries industries, and improve human resources skills.

Investment by foreign oil firms in Egypt rose to $8.1 billion in 2016-2017 from $6.6 billion a year earlier, according to Molla.

The Ministry of Petroleum said in June that Egypt had reduced arrears owed to foreign oil companies to $2.3 billion. Egypt's fiscal year runs from July to June.