Egypt seeks $10B investments in petroleum sector

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Wed, 06 Feb 2019 - 03:46 GMT

FILE – Tarek el-Molla

FILE – Tarek el-Molla

CAIRO – 6 February 2019: Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year, Minister of Petroleum Tarek el-Molla told news-channel.

Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt's gas production amounts to around 6,400 million cubic feet per day.

He stated that Egypt is studying previous gas export contracts that would not affect the local market including a Lebanese one.

On Jan. 31, Molla discussed with his Lebanese counterpart Cesar Abi Khalil ways of boosting bilateral cooperation in the petroleum and gas domains. The Lebanese minister expressed his country's desire that Egypt would resume pumping natural gas to Lebanon as part of the 2009 contract signed between the two sides.

Egypt, Lebanon in talks over petroleum, gas cooperation

2019-01-31 11:31:49 GMT CAIRO: 31 January 2019: Petroleum Minister Tarek el Molla discussed on Thursday with his Lebanese counterpart Cesar Abi Khalil ways of boosting bilateral cooperation in the petroleum and gas domains. In a statement, Molla reiterated distinguished relations binding Egypt with Lebanon, expressing Egypt's readiness to offer all forms of assistance to Lebanon in the petroleum and gas domains.




Molla said earlier that in the period from 2014 to 2018, Egypt signed 63 petroleum agreements with investments of $14 billion.

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.

Petroleum minister reviews sector achievements in 4 years

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.




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.

The minister 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.

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