CAIRO – 11 February 2020: "Foreign and local investments in petroleum sector projects increased to LE 1 trillion," Minister of Petroleum Tarek el-Molla said Tuesday.
Molla clarified during his speech at Egypt Petroleum Show (EGYPS 2020) that foreign investment hit $35 million during the last 4 years.
He also reviewed the Petroleum Ministry’s efforts to support the Egyptian economy, stating that the sector was able to achieve 27 percent of the gross domestic product (GDP) in 2018, besides recording a surplus in the trade balance for the first time for a long period.
Moreover, the sector was able to regain the trust and confidence of investors and reduce foreign partners’ dues, according to the minister.
The minister added that the sector helped in increasing investment and the entry of new investors to the market, in addition to the growth of gas production until achieving self-sufficiency.
“Egypt also succeeded in recording large numbers in the gas sector through reaching 1.9 million parabolic barrels in August 2019,” the minister stated, adding that it achieved an unprecedented record for home gas delivery, reaching 1.25 million housing units annually, to achieve social justice, meet the citizens’ needs easily, and rationalize support.
He further referred to turning Egypt into a regional center for oil and gas trading, and resuming exports to Jordan.
Earlier on Tuesday, President Abdel Fatah al-Sisi opened Egypt Petroleum Show (EGYPS 2020) under the theme of "North Africa and the Mediterranean: Delivering the Needs of Tomorrow." The event witnesses the participation of more than 270 local and international industrial experts along with 1,600 participants.
About 14 countries participate in the event alongside 15 international petroleum companies and more than 450 exhibitors.