Egypt Targets $9 Billion in Oil, Gas Investments within Year

The Egyptian Ministry of Petroleum raised its expectations for investments in the oil and gas sector from $8 billion to $9 billion until the end of the current fiscal year, an increase of $1 billion from previous expectations last July, according to Egyptian Minister of Petroleum Tarek El-Molla.

The Egyptian Minister explained, on the sidelines of the opening of the first car service and fuel supply stations for the Emirati company ADNOC in Egypt, that the targeted investments in the petroleum sector until the end of the current fiscal year are estimated at between 8.5 and 9 billion dollars, instead of previous expectations ranging between $7.7 and $8 billion.

El-Molla had revealed in an interview with “Bloomber Al-Sharq” on the sidelines of his participation in the annual OPEC conference in Vienna, early last July, that he had drawn up an annual plan that included investments worth $8 billion in the oil and gas sector during the current fiscal year in the fields of research, exploration, development and operation.