Petroleum Ministry: BAPETCO & Rashpetco investments exceed $500M


Mon, 15 Feb 2021 - 01:22 GMT

Minister of Petroleum and Mineral Wealth Tarek El-Molla -REUTERS

Minister of Petroleum and Mineral Wealth Tarek El-Molla -REUTERS

CAIRO - 15 February 2021: The Petroleum Ministry has put the total value of investments of Badr El-Din Petroleum Company (BAPETCO) and Rashid Petroleum (Rashpetco) and Burullus Gas Company during the fiscal year 2021-2022 at about $519 million.  

Molla, during the general assemblies of the two firms to endorse their budgets of 2021-2022, said the petroleum sector is implementing an integrated strategy to intensify exploration activities with the aim to increase reserves and production of crude oil and natural gas. 

Molla stressed the need to improve the health, safety and industrial security systems, while maintaining precautionary measures on all sites, a statement by the Petroleum Ministry said Monday.

This is important to create a safe working environment to guarantee continued production, the minister noted. 

He also called for action to reduce costs, rationalize spending and increase production rates.



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