PM reviews Fitch report about Egyptian energy market

CAIRO - 28 January 2020: Prime Minister Mostafa Madbouli on Tuesday reviewed a report by the Cabinet Information and Decision Support Center on the results of a report by Fitch Ratings on the Egyptian energy market.

The report by the global leader in credit ratings included expectations for the mining and energy sector in Egypt in the near future and some speculations for the coming eight years in light of the current situation in the country.

Assistant Prime Minister Usama Gohar said that recent developments in Egypt contributed to improving the outlook of Fitch reports about the Egyptian market.

He noted that exports of liquefied natural gas increased by 450 percent in the first five months of 2019 compared to the previous year.

Also international companies such as Eni, DEA, BP and Petronas along with Mobil, Exxon and Shell were allowed to explore for gas in Egypt, he pointed out, adding that other international companies were also allowed to explore for oil in the country.