Oil and gas make up 44% of Egypt’s FDIs – minister

Oil and natural gas industry is one of the biggest sectors in Egypt, making up 44 percent of the foreign direct investments (FDIs) in the country, petroleum minister said on Thursday.

When it comes to the sector contribution to Egypt’s GDP, oil and gas captured the lion’s share of nearly 25 percent, Tarek el-Molla added during a meeting with Dan Brouillette, Deputy Secretary of the U.S. Department of Energy.

Egypt has made the biggest ever of oil and gas investments, totalling $30 billion at the end of June, el-Molla added.

“We also managed to achieve self-sufficiency of natural gas at the end of September 2018 besides delivering gas to more than 1.2 million homes throughout last year,” the Egyptian minister said.