Petroleum ministry has roadmap to attain energy security

The Egyptian petroleum sector has a roadmap and a clear vision for development in order to confront the current challenges, attain energy security and promote the investment climate, said Petroleum and Mineral Wealth Minister Tarek el Molla.

During his meeting Tuesday with members of the British Egyptian Business Association (BEBA), the minister said that the government is implementing a reform program to restore stability in the national economy, promote growth and provide job opportunities. 

The Egyptian petroleum sector managed to sign 76 new agreements for oil exploration over the past three years, said the minister. 

There are investments which are worth more than 30 billion dollars within the upcoming three or four years in Zohr and North Alexandria fields, he further said. 

He also pointed out to development and modernization projects of refineries and infrastructure.

The ministry targets new investments, worth about 14 billion dollars in refining and petrochemical industries within the upcoming five years, he noted.

MOPCO and ETHYDCO, which are big complexes in petrochemicals industry, were opened over the past three years at total investments worth 4 billion dollars, said the minister.

Source: MENA