Petroleum Ministry Refutes Exiting Foreign Companies From Egyptian Market

Eng. Mahmoud Nazim, First Under-secretary of the Ministry of Petroleum, said the ministry hasn’t received any official request from the companies work in the field of marketing petroleum in order to exit the Egyptian market. What has recently disseminated about exiting Caltex Company from Egypt proved unfounded.

In the coming period, the ministry will increase its efforts to attract more foreign investment in the petroleum sector, whether through holding international conferences or other ways of attracting investment, Nazim added. The stability of political states in Egypt and restoring security are the most important pillars that any foreign investor takes into consideration before entering the Egyptian market.

Nazim denied what has disseminated about exiting of some foreign companies, which are working in the field of marketing the petroleum products, from the Egyptian market on account of not hitting the demanded profits, the less availability of the fuel quantity necessary for selling, or the lawlessness in some stations in Upper Egypt. He referred that the state in the petroleum sector is stable and doesn’t need worry.