Eng. Tarek El-Malla, Minister of Petroleum, has met the appointed Egyptian ambassadors in the Ministry of Foreign Affairs, in the presence of Dr. Heba El-Marasy, Minister of Foreign Affairs Assistant.
The role of Egyptian ambassadors is significant to deliver a positive public image of Egypt and attract investment, especially in petroleum, gas, petrochemicals and mineral industries. The government is concentrating on Arab-African cooperation, as it is the key to solving many investment problems.
During the meeting, El-Malla presented the ministry’s strategy on both short and long terms, based on an integrated vision to develop energy till 2035. The strategy’s most important objectives are: increasing the reserves, producing crude and natural oil, signing agreements, marketing and selling products.
The petroleum sector has successfully signed 67 agreements worth $14.3bn over the last 2 years after a failure of attracting any projects that lasted for 3 years.
“These agreements will result in positive investment outcomes as they will attract global companies to invest in Egypt. Furthermore, 2 natural gas projects, Zohr and North Alexandria, will be implemented, in addition to maximising inspection processes” he said.
There are 44 global petroleum companies that invest in Egypt. Over the last 2 years, 18 projects of developing gas fields worth $4.5bn were implemented, with production capacities worth 1.7 billion cubic ft. of gas per day. 13 new projects are being implemented to develop gas fields worth $33bn, with growing production capacities that reach from 5.5 to 6 billion cubic ft. of gas, including 28.5 thousand barrels of condensates, per day at the end of 2019. According to El-Malla, the ministry has signed an agreement of strategic partnership with Kuwait Energy Company.
In addition, he has presented the petroleum sector’s plan to develop, expand and increase the capacity of refinery labs in order to meet the local market needs. Also, the plan aims at developing the transportation network to facilitate raw materials, oil and natural gas products’ transport.
Delivering natural gas services and providing home with natural gas are among the most significant national projects being implemented. Furthermore, the petrochemical industry has boosted; it attracts investment and increases revenues. “Egypt has the potentials to be a regional power centre”, said El-Malla.
At the end of the meeting, the minister has highlighted the significance of increasing the efficiency of the petroleum sector, training employees to be qualified enough, restructuring the petroleum sector and developing holding companies.
