Foreign, National Investments in Oil Sector Hit EGP 1 Trillion: Al-Mulla

Oil Minister Tarek Al-Mulla said that Egypt’s international Petroleum show is being held for the fourth year in a row.

In his word before “EGYPS 2020” exhibition opening session, Al-Mulla noted that this exhibition has become one of the most important platforms for implementing the ministry's strategy, sharing the successful stories and reforms undertaken by the Egyptian government in the energy sector.

It also aims at reviewing the available investment opportunities and enhancing cooperation with international companies and oil industry experts in a way that achieves common interests, according to the minister.

Moreover, he added that President Sisi’s participation in this event reflects his full support for the oil sector which directly contributes to supporting achievements in this sector at the local, regional and international levels.

“Egypt has managed during the past years to overcome many challenges, preserve the capabilities of the Egyptian people, as well as establishing security and stability within the framework of solid political will and popular solidarity,” the minister continued. “In addition to implementing a comprehensive program for economic and social reform which has contributed to raising growth rates, reducing the budget deficit and inflation.”

“Hence, Egypt has become a role model for achieving security, stability, and development,” he confirmed.

The minister also pointed out that the oil sector has gone through many challenges following the January 2011 revolution represented in accumulated foreign partners ’dues, loss of investor confidence, declining investments and the stopping of projects, which led to a deficit in fuel supplies.

“Yet over the last four years, the petroleum sector fought one of the strongest battles of development and change, transforming crises and challenges into impressive successful stories praised by the whole world, and continued to play its role as a growth engine to support the Egyptian economy,” he added.

"In 2018-2019, the oil and natural gas sector contributed 27% of the total gross domestic product," the minister said while reviewing the efforts exerted by the ministry in support of the Egyptian economy.

"In 2018-2019, the sector managed for the first time in many years to have a surplus in the trade balance."

He also added that foreign and national investments in oil sector projects have reached EGP 1 trillion.