The Minister of Petroleum and Mineral Resources in Egypt, Eng. Tariq Al-MullaIn an interview with Al-Arabiya today, Tuesday, the value of investments in the Egyptian energy sector during the current fiscal year will range between 7-8 billion dollars.
The minister said that these figures are under scrutiny and review with international companies, given the difference in Egypt’s fiscal year, which begins in July and ends in June, compared to the companies’ fiscal year that begins in January until the end of December, noting that changes in global oil prices require increased investment plans.
Al-Mulla stressed that the government is currently focusing on maximizing the use of natural resources, starting with the agreements signed with foreign companies.
The Minister of Petroleum and Mineral Resources stated that our plan in the sector initially aims at maximizing natural resources, and we are working in the first phase to sign new agreements with an economic balance so that international companies can start working on an investment beneficial to them and Egypt.
He added that, during the last period, we worked to adapt the recent agreements on many aging fields, and there are great opportunities in them that need new investments, technology and economic reviews of the agreements, which encouraged companies, especially with the recovery of oil prices, their rise following the Corona pandemic.
Engineer Tariq Al-Mulla said that the ministry aims to increase production following it decreased during the last period as a result of the decline in oil prices and the Corona crisis, and thus we are working to stop the shortage and start raising production to reduce the gap between what is produced and consumed locally, which reduces the import of petroleum materials.
He added that projects in general target environmental compatibility and we are working to reduce carbon emissions in new and existing projects, in order to prove that the energy sector can reduce emissions.
