Minister of Petroleum Tarek El-Molla - File Photo
CAIRO – 17 July 2017: Zohr, Noras and North Alexandria gas fields will increase natural gas production by 50 percent in 2018 compared to 2016; and Egypt shall achieve self- sufficiency by the end of 2018, the minister of petroleum said Monday.
During his meeting with Egypt’s new ambassadors, Minister Tarek El-Molla added that by 2020, these fields will raise the gas output by 100 percent.
The minister reviewed the refining projects that are projected to be implemented in the coming four years and which will contribute to bridging the gap between the main petroleum products with investments of around $8.3 billion.
On Thursday, the Ministry of Petroleum entered in a partnership with the Ministry of Public Business Sector to establish a petrochemical plant in Suez governorate at a total cost exceeding $4 billion. Molla explained that as per the new integrated vision of the petroleum sector to achieve the country’s sustainability, by 2021 the sector will be able to make the best benefit out of all resources and turn Egypt into a regional center for energy trade and exchange.
The minister noted that the new project set to manufacture phosphate and convert it to phosphoric acid will start its commercial operation by the middle of 2020.
The petroleum sector launched a cooperation strategy with the World Bank in 2016 to turn 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 the petrochemicals and refineries industries, and enhance the human resources capacities.
Leave a Comment