The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, discussed during a ministerial meeting chaired by Prime Minister, Sherif Ismail, the efforts exerted by the ministry to enhance exploration in the red sea after the recent demarcation of Egyptian-Saudi borders, according to the Egyptian Cabinet’s official website.
Ismail had urged El Molla, during the meeting, to launch an international tender in order to increase exploration in the Red Sea.
In addition, E Molla reviewed the updates of building a new petrochemical factory to be located in Suez Governorate. The factory is estimated to cost $4 million that will be funded by a number of international and foreign organizations, and will be finalized by August 2017. The minister stated that Egypt already signed a contract with Toyota to prepare the studies for the project.
The prime minister and El Molla further reviewed increasing the penalty on precious metals’ illegal exploration in order to protect the rights of the upcoming generations.