Minister of Petroleum Tarek El-Molla - File photo
CAIRO - 31 August 2017: General Electric’s subsidiary, Baker Hughes, is interested in increasing its investment in Egypt, participating in the petroleum sector’s development plan and offering training programs, Vice Chairman Ayman Khattab said Thursday.
In a meeting with Minister of Petroleum Tarek al-Molla, attended by the company’s General Manager Sameh Hussein, Khattab said that Baker Hughes is planning to enter in the field of oil and gas exploration in Egypt.
The Ministry of Petroleum launched a sector development program that 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 human resources skills.
Investment by foreign oil firms in Egypt rose to $8.1 billion in 2016-2017 from $6.6 billion a year earlier, according to Molla.
The Ministry of Petroleum said in June that Egypt had reduced arrears owed to foreign oil companies to $2.3 billion. Egypt's fiscal year runs from July to June.