USD 10 billion investments in oil sector
Egypt's Minister of Petroleum Tarek El-Molla said on
Saturday that measures adopted by the ministry will help attract more
investments to the gas sector.
The plans by the ministry aim to attract around 10 billion
dollars in investments during the fiscal year 2018/2019 in oil exploration and
development of discovered oilfields, according to El-Molla.
Major international companies are interested in operating in
Egypt, which sends a clear message of confidence by foreign companies in the
country's investment climate, he added.
Preparations are underway to place the Red Sea exploration
area on the investment map of the Egyptian oil industry, he noted.
El-Molla concluded that his ministry signed over the past
four years 63 new oil agreements that will add to the national oil production
and reserves
