Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources speaks during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015.
CAIRO - 29 December 2019: Minister of Petroleum Tarek el Molla said Sunday the oil sector has turned challenges into successes through working within a unified strategy and a clear vision over the past five years, referring to the signing of 99 oil agreements with investments reaching at least $16 billion.
Addressing the “Energy, Investment Horizons and Development Opportunities” conference, organized by Al Ahram Institution, under the auspices of Prime Minister Dr Mostafa Madbouli, the minister said some 27 projects to develop natural gas fields with investments amounting to $31 billion are considered one of the important successes in the energy sector. Egypt's daily natural gas production has amounted to 7.2 billion cubic feet, he said.
Egypt has reached self-sufficiency and become one of the largest importing countries of natural gas for re-exportation, he added.
Egypt has placed the sustainable development axis in the forefront of national priorities and was one of the pioneering nations in adopting national plans, represented in the sustainable development strategy Egypt Vision 2030, he said.
Rates of extending the natural gas service to households have exceeded 1.250 million annually, which is an unprecedented record in the national project, currently being implemented under the auspices of President Abdel Fattah El Sisi, he added.
More than 10.6 million housing units have natural gas now, he added.
He noted positive and tangible steps toward implementing the national project to turn Egypt into a regional hub for natural gas and petroleum trade and handling.
Egypt now has an attractive investment atmosphere that enables it to reach more success, he said, stressing that the conference is a good opportunity to present the country's investment opportunities in the energy field to all world investors.
Comments
Leave a Comment