Egypt has recorded the highest investments of $30 billion in the petroleum sector according to Petroleum Minister Tarek el-Molla. In a statement issued he revealed that the sector made the largest contribution to GDP of 25 percent. It also accounted for 44 percent in foreign direct investment (FDI). The statement was made on the sidelines of the launch of the first strategic dialogue in the field of energy between Egypt and The United States.
In June, this year, the production of natural gas and crude oil of Egypt hit about 1.9 million barrels of oil per day, the highest rate in the production. The government also delivered natural gas to more than 1.2 million housing units in 2018. Minister pointed out that the huge achievements in the natural gas sector enabled Egypt to achieve self-sufficiency at the end of September 2018 and step up exports.
The minister pointed out that the government aims at unlocking the full potential of the sector as a sustainable development engine transforming Egypt as a hub for gas and oil trade in the region. Towards this end, all efforts have been taken to enhance research, exploration, production, refining and petrochemical activities through the implementation of several projects. Due attention was also given to developing an efficient regulatory system for the sector.
