Petroleum sector key player in implementing development plans, says minister

CAIRO - 10 December 2018: The Petroleum Ministry plays a key role in supporting development plans and building a competitive economy, according to Tareq el Molla.

Over the past two years Egypt's success stories have gone far beyond expectations, the petroleum minister said in his speech at the inauguration of the second Al Ahram Energy Conference Monday.

Egypt could outline and implement a well-designed economic reform program with strong public support, said a proud Molla.

He cited positive reports by global financial institutions, atop of which the World Bank and International Monetary Fund, not to mention credit rating organizations and investment banks.

All the reports lauded practical reforms and steps taken to achieve comprehensive sustainable development, the minister noted.

Molla also touched upon efforts to implement important structural reforms and update the legislative infrastructure to remove bureaucratic obstacles facing investors.

Undoubtedly, energy is one important tool to achieve economic and social development plans, the minister further said.

According to him, energy security could only be achieved through diversified sources.

Molla also believes that political, legislative and economic stability in Egypt has greatly contributed to creating an investment-friendly climate that spilled over into the petroleum industry.