It is worth noting that the investment atmosphere in Egypt is flourishing after signing several agreements with several international institutions and investors. Regarding foreign investments, the Ministry of Investment and international Cooperation, revealed the WBG, World Bank Group, agreed to inject direct investments worth up to half a billion US dollars in promising projects in
the oil and gas fields in Egypt, according to the Ministry website.
The Egyptian Minister of Investment and international Cooperation, Dr. Sahar Nasr, noted that the WB contribution to the oil and gas projects in Egypt ascertains the confidence of the international financial institutions and other investors in the future of the Egyptian economy Recently the Energy sector in Egypt has been witnessing, major developments, whether through governmental strategic planning or foreign investments. Tarek El Molla the Egyptian minister of Petroleum recently stated that the ministry is applying a strategic plan for the oil and gas fields in Egypt. During his presentation at the Canadian Chamber of Commerce; El Molla clarified that the governmental strategic plan is based on five steps; the first step is increasing the production of raw oil and gas, second, providing the Egyptian market with the sufficient needs of oil and gas products; third, expanding the projects which targets providing residential areas all over Egypt with its needs of gas, fourth, expanding the production of petrochemicals in Egypt; fifth, turning Egypt into a regional centre for energy production.
The ministry of petroleum also stressed that the petrochemical production in Egypt is one of most significant upcoming projects in Egypt. Sidi Kerir, located at the north coast, will soon witness the function of Sidi Kerir factory for petrochemicals. Furthermore, the national plan for petrochemicals production in Egypt, aims to produce 5,1 tons annually; and the investments up to $7,3billion. Areas to be targeted are Suez, Port Said, Damietta and Alexandria. It is to be noted that the industry in Egypt has been also developed by pumping in foreign investments, through Italian multinational oil and gas companies like ENI and through other foreign investments pumped in by other countries, as well as
current ongoing negotiations with interested partners, which reflects a flourishing interest in the Egyptian Energy sector.
John Casson the British Ambassador to the Arab Republic of Egypt has recently revealed that Britain is one of the most important investors in Egypt; “It is actually regarded as the first economic partner to Egypt”, he said. John Casson also said that British investments in Egypt are injected in various fields mainly the petroleum sector. Earlier this year British Petroleum has pumped into the Egyptian market a $13 billion adding to its previous $30 billion investments in Egypt during Egypt Petroleum Show (EGYPS2017). The British embassy actually views Energy investments as a cornerstone to reviving Egypt’s economy and is committed to supporting Egypt’s economic growth and creating new investments, according to Egypt Today Website.
