Minister of Petroleum and Mineral Wealth
The surveys' completion would pave the way for carrying out future oil and gas exploration activities in the area, Molla said.
Molla said that the oil sector cooperates with foreign companies to draw up integrated plans and solutions to the problems of energy and gas emissions in parallel with the production of fossil fuel production especially natural gas.
Molla pointed to achieving a surplus in the oil trade balance for the first time in 2021 at an amount of $2.9 billion.
The project is estimated to cost some LE 1 billion and aims to improve the operational capacity and oil treatment, Molla said as he inspected a number of sites in the Red Sea areas of Shuqair and Raas Ghareb.
He also expounded the country's efforts to expand the use of clean energy as part of efforts to diversify clean energy sources by 2025.
This came during their meeting at the Palestinian presidency headquarters in Ramallah which was attended by Palestinian energy authority chief Zafer Melhem.
Molla stressed the importance of the geographic and strategic location of Egyptian ports and assured Mercuria representatives about business incentives and infrastructure.
The number of the housing units benefiting from the project reached to 11.3 million housing units, Molla said.
He added in statements during signing a contract of supplying natural gas to the industrial area in Eastern Port Said between the General Authority for the Suez Canal Economic Zone and Sinai Company for Gas that his ministry is working to benefit from natural gas for achieving social and economic development.
Developing the sector is based on several axes, most notably the legislative, structural and human resource reforms, El Molla told the Egyptian TV.
He made the remarks in a statement on Wednesday while chairing a general assembly meeting of Agiba Petroleum Company to review its 2019-2020 fiscal year budget plan.
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