Oil minister: Political, economic stability attracted investments to Egypt

CAIRO - 29 July 2020: Minister of Oil Tarek el Molla on Wednesday said that political and economic stability of Egypt led to increasing foreign investments into the Egyptian energy sector despite the impact of the coronavirus.

He made the remark at a meeting via the video-conference on the future of energy in Egypt with members of the Egyptian-American Business Council and the American Chamber of Commerce in Washington, Huston and Cairo, said a statement by the Oil Ministry on Wednesday.

He confirmed that the wise leadership of President Abdel Fattah El Sisi and economic reforms contributed to creating a suitable investment atmosphere.

This political and economic stability that Egypt enjoys enabled the oil sector to continue attracting international investments in the energy sector, he added.

The Egyptian oil sector has succeeded in completing 12 exploration agreements with foreign companies in the Western Desert, eastern and western the Mediterranean and the Red Sea, he pointed out.

Economic and trade relations between Egypt and the US are very strong and distinguished, he said, adding that the two countries have launched the first strategic dialogue in the energy field last year.