70 agreements in oil sector signed to provide local needs

Egypt has several promising investment opportunities in the oil and gas sector, said Petroleum and Mineral Resources Minister Tarek el Molla.

The ministry signed about 70 agreements for investment in this sector over the past three years, with a total value of about 17 billion pounds, he added during his participation in a conference, organized by the US Chamber of Commerce, in coordination with the Egyptian-US business council. 

Egypt has strong partnership with the US, he said, adding that Egypt was the second economic partner for the US in the Middle East during 2015.

The political stability in Egypt contributed to drawing up a strategy for "Egypt 2030" and luring investment opportunities, he added.

The ministry's plan to attain goals of "Egypt 2030" strategy depends on attaining security for Egypt's local needs of energy resources, providing needs of the local market and creating a climate conducive to investment, he explained. 

Egypt seeks to attain sustainable development in the energy sector in general and the petroleum sector in particular, he said.

He further said that Egypt's labor is qualified and well-trained but it needs cooperation and partnership from abroad to attain the aspired growth whether in the energy sector or in the other sectors.