Petroleum Minister speeds up sector development strategy

CAIRO – 10 July: Minister of Petroleum Tarek El-Molla pulled back the petroleum sector development program from 2021 to 2018, according to a Monday statement from the ministry.

Targeting increasing the involvement of the petroleum sector in gross domestic product (GDP), Molla said it is important to rapidly implement this strategy to support economic growth.

Molla made the statement during a Monday meeting with officials and workers of state-owned petroleum sector companies.

The petroleum sector strategy was launched in 2016, in cooperation with the World Bank, to transform Egypt into a natural gas and oil trading hub.

Focused on seven programs, the strategy aims to develop oil and gas exploration, discovery and production, attract foreign investments, restructure the sector’s companies, develop petrochemicals and refineries industries, and improve skills of human resources.