Egypt plans attracting $14bn-investments, signing 20 new oil agreements- PM

Egyptian government is expected to sign 15-20 new oil agreements during the upcoming two and half years with investments estimated at US$14 billion annually, Prime Minister Sherif Ismail said Sunday.

The PM made these remarks during his speech at the parliament in which he discussed Cabinet’s programme for the next two and half years.

On Sunday, the Egyptian government presented its political, economic, security and social programme of Egypt’s vision 2030 to be endorsed.

The parliament must evaluate the programme within 30 days and issue its decision to either accept it, thus renewing confidence in the current government, or to reject it , thereby dissolving Ismail’s cabinet.

The government targets securing state’s growing needs of petroleum products through accelerating execution processes  of the structural and financial reform programme of energy sector.

The government also plans to provide Egypt’s need of petroleum products by boosting crude oil and natural gas production through issuing a number of international bids annually to search oil and gas.

Cabinet’s programme aims at developing industry of refining oil and petrochemicals through adding eight new projects with investments worth around US$7.5 billion. The Cabinet plans covering 90 percent of local consumption needs of petroleum products and to enter into production from 2017 to 2019.

Ismail added that government’s programme for oil sector plans to finish delivering natural gas for around 2 million homes until the end of 2017-18.