On Wednesday, Deputy Speaker of the House of Representatives, Mohamed Abou El-Enein affirmed the parliament’s appreciation for the efforts made by the Minister of Petroleum.
In a parliamentary session, Abou El-Enein confirmed his support for the MP’ requests to deliver gas to the homes of residents in the districts they represent, as well as creating employment opportunities for young people.
Abou El-Enein explained that proposals must be reached that can be built upon to achieve the hopes of the Egyptian people. He pointed out that the petroleum sector occupies first place in investments in Egypt. It occupies 74% of the total investments, he added. “The petroleum sector has concluded 98 agreements and now represents 24% of GDP.”
The parliament deputy speaker explained that the time has come for the small Egyptian investor to participate in the oil companies. It is necessary to think about establishing companies for exploration and production. Such companies can achieve the great ambitions that we talked about before in regard to making Egypt the central market for the petroleum sector, energy and petrochemicals.
He went on to say that there is a great opportunity for investments, especially after the success of foreign companies that are investing in Egypt.
Abou El-Enein called for thinking about establishing large companies in the North Valley, in the South Valley, in the Red Sea, and in the Eastern Mediterranean. He called for establishing companies of a new type in which the small Egyptian investor participates in the contribution.
“This will create very large additional job opportunities that will satisfy all the representatives’ demands. Thus, the opportunities can be exploited to create a favorable climate for Egypt’s stability.”
The parliament deputy speaker added that the efforts of the Ministry of Petroleum will help in promoting investment, confirming his confidence in the efficiency and relations of the Minister of Petroleum to take these steps.