ICEC

Oil ministry adopts strategy to maximise local component in petrochemical projects

Egyptian petroleum ministry is adopting a strategy to maximise local component and manufacturing in petroleum projects, Minister Tarek El-Molla asserted Saturday.

He added that ministry’s strategy targets encouraging local petroleum industry as well as lowering state’s bill of importing petroleum products.

El-Molla emphasised on the importance of the regular upgrade of  human cadres, capacities, equipment, and production facilities as pursuant to the massive number of petroleum activities that Egypt is currently witnessing notably in drilling and exploration fields.

The minister made these remarks during his visit to the marine manufacturing facilities of the Petroleum Projects and Technical Consultations Company (Petrojet) in West Alexandria ferry. Upgrading works at the marine are estimated at 20 million Egyptian pounds, El-Molla stated.

He also visited platform Abu Qir 3 that has been made for Abu Qir Petroleum company.

The strategy of  also aims at putting discovered fields into operation as soon as possible to cover state’s needs of gas and oil, the minister clarified.

After showcasing the platform, El-Molla launched Abu Qir 3 in order to be installed in Abu Qir field to accommodate the production of nine wells that would be linked to new manufacturing facilities.

Around 200 million cubic feet of natural gas and 7,000 barrels of oil and condensates are set to be produced after finishing drilling works at developmental wells in Abu Qir field, the minister said.

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