ICEC

Egypt eyes $10 billion in oil investments in FY2018/19

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 in investments during the financial year 2018/2019 in oil exploration and development of discovered oil fields, 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.

Source: Ahram Online & MENA

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