On Saturday, Minister of Petroleum and Mineral Resources, Tarek El-Molla, confirmed that Egypt achieved the highest rates of crude oil and gas production, recording 1.9 million barrels b/d during August 2019.
In a statement, Al-Molla highlighted the great petroleum achievements made during the period from March until now, despite the coronavirus pandemic which has caused political, economic and social repercussions on global oil industry, in addition to the sharp drop in oil prices.
He said, “Since last March, we have been able to sign 14 new agreements with major international companies for oil and gas explorations, including giant companies operating in Egypt for the first time, such as Chevron and Exxon Mobil.”
The minister pointed out that President Abdel Fattah El-Sisi inaugurated two refineries in Mostorod and high-octane gasoline in Alexandria, with investments of $ 4.5 billion, noting that this had greatly contributed to strengthening the petroleum sector.
He added that they are currently planning to implement 3 new refineries in Assiut and Alexandria, with investments of $ 7.5 billion, with the aim of achieving self-sufficiency in gasoline and diesel by 2023.
In addition, Al-Molla reviewed the ministry’s most important achievements during the Coronavirus crisis, referring to the sector’s success in achieving 27% of the total Egyptian GDP.
He also added that Egypt has inked about 86 gas and oil deals with more than one country in the world, to support energy and improve its efficiency, as well as reducing the budget deficit and inflation in the petroleum sector.