Chairman of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba held a meeting Wednesday with the representatives of Mytilineos Holdings.
This came in Madbouli’s speech during President Abdel Fattah El-Sisi's visit, Sunday, to line up the equipment participating in the implementation of the state's plan for the development and reconstruction of Sinai.
The agreements include an agreement for the Egyptian General Petroleum Co (EGPC) with Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) to search in the south of Ras Qattara in the Western Desert.
He added that the plan also includes approving the development of oil factories, which are being offered, noting that Egypt's reserves of oils are sufficient for 4.9 months.
The government is looking to expand the production of crude oil locally by increasing the cultivation of oil crops, by providing the required seeds, as well as encouraging contract farming with the aim of providing products to citizens.
The Egypt Petroleum Show (EGYPS) 2023 is held under the auspices of His Excellency President Abdel Fattah El Sisi and with the support of the Ministry of Petroleum & Mineral Resources from 13-15 February 2023.
The summit is attended by more than 33 heads of state and government, as well as 80 representatives of regional and international organizations.
The program shed light on the ministry’s efforts to cut harmful greenhouse gas emissions and develop plans on facing the negative impacts of the climate changes.
The meeting was held on the sidelines of the 2022 UN Climate Change Conference, COP27, currently held in Egypt’s Red Sea resort city of Sharm El-Sheikh.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released a statement Tuesday detailing the exports, whose value declined in May 2022.
The new expansions of the port aim to increase the storage capacity by adding four storage tanks with a capacity of 630,000 barrels of crude each, to reach a storage capacity of 5.3 million barrels.
These arrangements have been made in order to resume production operations, NOC added.
A statement issued by the ministry said the LE 1.8 billion project, called "Modern Area", would help pump crude oil from Ain Al Sukhna to Tibbin area from which it will be distributed to upper Egyptian governorates.
The meeting tackled procedures for activating the memorandum of understanding (MoU) that was signed with Petrojet to implement new petroleum projects in Equatorial Guinea, foremost of which a project to establish a new refinery.
European Union Ambassador to Cairo Christian Berger said Tuesday that the union supports Egypt to become a major hub of energy in the Middle East, North Africa, and Mediterranean.
The closure of several sites this month, including oilfields and export terminals, has seen Libya’s output halve to around 600,000 barrels per day, Al Arabiya reported.
"Oil companies will have to sell more fuel at exchange auctions," the Russian cabinet said in a statement carried by Sputnik News Agency on Saturday.
These new discoveries have already been connected and tied into production, in line with the Infrastructure-led exploration strategy, allowing to maximize exploration opportunities nearby existing infrastructures.
The move follows an agreement among warring parties in Yemen to hold a two-month truce.
Libya has the ninth largest known oil reserves in the world and the biggest oil reserves in Africa.