Reuters
Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, confirmed that his country was able to achieve the highest rates of crude oil and gas production, by 1.9 million barrels per day during August 2019.
Al-Mulla pointed out, “the importance of what the Egyptian petroleum sector has achieved in terms of business results during the period from March until now, despite the Corona pandemic with its political, economic and social repercussions and the global oil industry has suffered, from the decrease in demand and the increase in supply, and then the drop in oil prices.”
He noted the flexibility of the oil business strategy in Egypt, as it enabled it to achieve positive indicators and achieve the required balance between the targeted plans and staff retention.
He said, “Since last March until today, we have been able to sign 14 new agreements to search for oil and gas, with major international companies, including giant companies operating in Egypt for the first time, such as Chevron and Exxon Mobil.”
He added: “President Abdel Fattah El-Sisi inaugurated the two refining projects of the Egyptian Refinery in Mostorod and high-octane gasoline in Alexandria, with investments of $ 4.5 billion, which contributed greatly to strengthening the sector, and work is underway to implement 3 new refining projects in Assiut and Alexandria with investments of $ 7.5 billion with the aim of achieving self-sufficiency in gasoline and diesel by The year 2023. “
He continued: “Egypt’s signing of the charter to convert the Eastern Mediterranean Gas Forum to a governmental organization based in Cairo was welcomed by the founding countries as well as the countries that requested to join as an observer, the last of which is the UAE, as the forum supports regional cooperation in the gas market.
The Egyptian minister stressed that his country was able to convert the growth rate of the natural gas sector from negative 11% years ago to a positive growth rate of 25% during the years 2019/2020 and achieve self-sufficiency in gas and resume exports.
Al-Mulla concluded his speech, stressing that “the fruits of reforms were numerous at all levels, which reflected positively on the performance of the Egyptian economy and the implementation of successful national projects that made Egypt a model for development, security and stability.”
Source: “The Seventh Day”
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