Egypt inks 83 oil, gas deals with foreign firms in 4 yrs: Molla

CAIRO – 25 September 2017: Foreign firms have entered in 83 agreements for oil and gas exploration and production with the Ministry of Petroleum since the June 30 Revolution of 2013, Minister of Petroleum Tarek el-Molla said.

During the minister’s meeting with the French Chamber of Commerce in Egypt, Molla highlighted that this number is a record in the history of the petroleum industry in Egypt.

The confidence of foreign investors in the Egyptian economy increased after seeing the economic reforms carried out by the government, the minister said.

Molla added that the new strategy for developing mineral resources was prepared by the Ministry of Petroleum with the aim of benefiting the Egyptian economy as much as possible from these resources.

The minister expressed Egypt’s interest of becoming a power trading center, adding that the country is aware that achieving such a strategic goal shall be accompanied by a comprehensive development plan for the infrastructure, gas networks, pipelines, storage warehouses, ports, liquefying plants and refining labs.

Egypt has all the potential to become an energy hub, and exerts great efforts to develop this potential, in order to enable countries to rely on Egypt, Molla said.

Moreover, Molla noted that the government gives due attention to value added industries, which have a strong economic reflection, adding that the petroleum sector is aspiring to promote its contribution as an economic growth driver in Egypt.