Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Egypt’s new ambassadors for foreign countries and First Undersecretary of the Ministry of Foreign Affairs for Financial and Administrative Affairs, Ayman Kamal, at the headquarter of the Ministry of Foreign Affairs to discusses Egypt’s new vision, reported Egypt Oil & Gas.
The oil and gas sector succeeded in facing all the challenges since 2011, then it put a strategy to achieve sustainability and to have a better future through the modernization of the petroleum sector. The modernization program aims to contribute to Egypt’s economic reform by attracting investments and developing human resources as Egypt aims to have the optimal economic profit of its resources by 2021 and eyes being regional energy hub, El Molla said, adding that the oil and gas sector will be a QHSE role model for the country’s other sectors.
Egypt modified the strategy of the petroleum sector to have the modernization program as a key pillar in order to be competent with Egypt’s energy vision till year 2035, the minister added.
El Molla reviewed Egypt’s gas projects during the past three years, which are planned to start production soon. The projects include Zohr, North Alexandria and Noroos, which will increase gas production by 50% during 2018, from production in 2016, and will contribute in achieving gas self-sufficiency.
The ministry plans to increase gas production by 100% in year 2020, El Molla pointed out, adding that the Egyptian Parliament recently approved a new gas market regulating law, therefore the new gas regulatory body is being formed.
The ministry executed a number of petrochemical projects in the past 4 years with investments $8.3 billion to cover local demands of petroleum products, El Molla said.
Moreover, the minister reviewed the time frame for a phosphate manufacturing project to transfer phosphate to phosphoric acid, as the project is planned to start running by mid-2020.