French oil firm Total to invest $200mn in Egypt within five years

Egyptian Prime Minister Sherif Ismail met Thursday with  officials at the French  multinational integrated oil and gas company Total, Cabinet Spokesman Hossam Qaweesh stated.

During the meeting, Total’s officials announced that the company is set to invest more US$200 million in the Egyptian market within the upcoming five years.

Ismail met with Total’s Senior Vice President, Africa and Middle East, Stanislas Mittleman and Chairman of Total Egypt in the attendance of Egyptian Oil Minister Tarek El-Molla.

The officials asserted that the Egyptian market is a prominent one that is considered as company’s main gate to expand its business in Africa, Qaweesh noted.

He clarified that the PM emphasised that Egyptian government exerts efforts to provide all facilities necessary for attracting more investments to different service sectors notably oil and energy.

Ismail urged the French company to establish specialised stations all over Egypt to provide inclusive oil services for trucks, in addition to boosting the number of such stations in Upper Egypt, the spokesman added.

On other side, the French officials showcased Total business in petroleum services sector in Egypt including oil product distribution sector, with general sales, lubricants, marine and aviation activities as well as a retail network.