Continental Focus, International Reach

Egypt Looking for $10 Billion in New Investments

Tuesday, November 13, 2018

In a Ministry of Petroleum statement released on November 10, Tarek El Molla, Egypt’s petroleum minister, said the country was looking to attract an estimated $10 billion in new investments during the current fiscal year.

The funds will be usedin the search for oil and gas and to further the development of discovered fields.

According to the El Molla statement, demand from major international companies represent a clear message on the confidence of foreign companies in the improving investment climate in Egypt, due to the reforms the government has been implementing.

He added that there plans to achieve steady growth in oil investments in the upcoming years, especially in light of the ongoing expansion of exploration agreements, the implementation of field development programs, and major projects producing gas from deep water in the Mediterranean.

He went on to say that his Ministry was working to create an appealing investment climate in the oil and gas industry through a project to develop and modernize the oil sector.