Egypt records highest investment rate in petroleum sector by $30B

CAIRO - 12 September 2019: Egypt recorded investments of $30 billion in the petroleum sector, recording the highest rates ever, according to Petroleum Minister Tarek el-Molla.

Molla clarified in a statement on Sept. 12 that the sector has achieved the largest contribution to GDP by about 25 percent, in addition to its contribution of 44 percent in foreign direct investment (FDI).

This came during his speech on the sidelines of the launch of the first strategic dialogue in the field of energy between Egypt and the United States.

Petroleum Minister Molla referred to the rate of production of natural gas and crude oil during June that hit about 1.9 million barrels of oil per day, marking the highest rate in the history of Egypt.

Molla affirmed that the huge achievements in the natural gas sector enabled Egypt to achieve self-sufficiency at the end of September 2018 and return to export. This is in addition to delivering natural gas to more than 1.2 million housing units in 2018, which is the highest rate of gas delivery to homes.

The minister pointed out that the main objective of the program is to unleash the full potential of the sector as a sustainable development engine to enhance Egypt's role as a pivotal center for gas and oil trade in the region.

Minister Molla added that the program is concerned with all the details and areas of work in the sector and has succeeded in improving the performance of research, exploration, production, refining and petrochemical activities through the implementation of several projects, in addition to developing the regulatory side of the sector.