oil
Molla said in a statement that they discussed three major oil refining projects in Alexandria, Assiut and Suez at an investment cost of about $2.8 billion.
The agreements are to be referred to the parliament for further discussions on required legal measures pertaining to bringing them into action.
The new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 million barrels of recoverable crude oil.
A parliamentarian questions the reasons behind not kicking out the ambassador of the Tripoli-based interim government in Cairo.
The Ministry of Petroleum released a report indicating the projects accomplished in the natural gas sector from July 2019 until April 2020.
In light of the decline of oil prices, Egypt increased its crude oil imports in the first two months of 2020.
US West Texas Intermediate (WTI) crude futures fell as low as $18.10 a barrel earlier in the session and were down $1.14, or 5.8 percent, at $18.64 at 0506 GMT.
They both agreed on continuous coordination between the officials of both ministries on reform plans for the public interest.
The Ministry of Petroleum announced on Saturday that natural gas is being supplied to 110 tourist facilities in Sharm El Sheikh at investments worth EGP 250 million.
Upon this data, the US crude oil has recorded its deepest decline since 1983.
The May U.S. WTI contract fell $15.91, or 87.1%, to $2.36 a barrel at 1:25 p.m (1725 GMT) after touching an all-time low of $2.26. Brent LCOc1 was down $1.76, or 6.3%, to $26.32 a barrel.
The participants discussed cutting down oil output at the world level to restore stability of the international oil market.
The Organization of the Petroleum Exporting Countries and its allies are expected to meet on Thursday — a delay from Monday — in an attempt to agree on production cuts.
Oil pared earlier losses amid signs Saudi Arabia and Russia are making progress on an agreement to curb crude output as the coronavirus wreaks havoc on the global economy.
Amer indicated during a phone interview with a TV program that oil prices and the exchange of the dollar have recently fallen significantly at the global level.
Futures in London fell around 4 percent to near $26 a barrel, while West Texas Intermediate rose after the April contract expired Friday.
The talks also covered the updates of the East Mediterranean Gas Forum.
He touched upon promising opportunities in the mining field in Egypt, especially in light of amendments to the mineral resources law.
This came during a meeting of the general assembly of Belayim Petroleum Company (Petrobel) to approve the draft budget of 2020-2021 and the amended budget of 2019-2020.
The minister said increasing Egypt's oil output tops the ministry's priorities to bridge the gap between production and consumption.