A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Egypt’s upcoming ambassadors to several countries in the presence of Deputy Minister of External Affairs, Heba Al Marasy, and Institute of Diplomatic Studies’ Chairperson.
During the meeting, El Molla confirmed that Egypt’s ambassadors play an important role in conveying Egypt’s advantages to foreign countries in order to attract investment possibilities in oil and gas, petrochemicals, and mineral industries. The role extends to attracting investments and explaining the challenges that currently face the country, as well as highlighting the government’s strategy to overcome these challenges.
El Molla stated that Egypt prioritizes Arabic and African cooperation, in addition to collaborating with other nations.
In related news, the ministry of petroleum started to launch tenders and sign new contracts to finalize marketing and distribution processes as a part of its strategy to motivate oil firms to increase crude oil and natural gas reserves by expanding their exploration work.
A total of 67 agreements, worth $14.3b, were signed in the Egyptian oil and gas sector over the course of two years. This boosted investors’ trust in funding opportunities in Egypt, as a result the two largest natural gas fields in the Mediterranean sea, Zohr and North of Alexandria fields, were discovered.