Petroleum minister reviews sector achievements in 4 years



Tue, 11 Dec 2018 - 08:47 GMT


Tue, 11 Dec 2018 - 08:47 GMT

FILE - Molla

FILE - Molla

CAIRO – 11 December 2018: In the period from 2014 to 2018, Egypt signed 63 petroleum agreements with investments of $14 billion, Minister of Petroleum Tarek el- Molla said.

Molla reviewed achievements in the sector, saying that the ministry implemented the biggest two projects for collecting geophysical data in areas of the Red Sea and Upper Egypt.

He added that debts to foreign oil partners slumped to less than one third, recording $1.2 billion by the end of June 2018, which is the lowest amount since 2010.

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This came during the first session of Al-Ahram second conference for Energy on the role of Ministries of Electricity and Petroleum to achieve Egypt’s vision for sustainable development 2030.

Molla clarified that 24 projects were implemented to develop gas fields, most importantly projects of Zohr, Atoll, Noras and North Alexandria, adding that these projects contributed to the hike of natural gas production by 60 percent, compared to the average production in 2015/2016.

Egypt achieved self-sufficiency of gas by the end of September 2018.
He also referred to the rise of the refinery laboratories' efficiency and the expansion of infrastructure projects, maximizing the added value of petrol and gas through petrochemical industries, as three projects with investments of $4 billion were executed to increase petrochemical industries.

Additionally, four projects are set to be completed within the coming four years.
The minister also reviewed the ministry’s strategy to turn Egypt into a regional hub for petrol and gas trading through several axes.

He explained that a governmental committee was formed to study the project and issue a gas regulating law which allows private sector to enter the Egyptian market. Molla also pointed out the continued cooperation with the west Mediterranean countries and the European Union through signing joint agreements and memorandum of understanding (MoU).
“Egypt is qualified to be a regional hub for energy due to its liquefying plants, pipeline grids, Warehousing, transportation, trading of petroleum and gas products and ports overlooking the Mediterranean and Red Sea and refineries,” the minister stated.

The minister added that these qualifications also help Egypt meet its needs, attract more direct and indirect investments and provide foreign currency and job opportunities.

Molla said that the petroleum sector works according to a clear strategy to achieve Egypt’s Vision 2030; the strategy revolves around the following axes: Ensuring energy security, increasing the contribution of the energy sector to GDP, promoting good and sustainable management of the sector, reducing energy consumption and reducing the environmental impact of emissions.

According to Molla, energy provision is one of the most important axes in the ministry’s plan which will be achieved through working on increasing energy supplies, managing energy demand, and achieving financial sustainability through paying debts, energy support reforms and enhancing private sector investments.

He added that a plan to develop and modernize the petroleum sector is currently being implemented to achieve optimum economic benefit from all potentials and natural resources, allowing the sector to further contribute to the sustainable development of Egypt. This plan also aims to turn Egypt into a regional center for the trade and circulation of gas and oil.



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