The modernization program, which is currently under way, is in line with the reform programs and development plans adopted by the state on all tracks, especially the economic tracks, Minister of Petroleum and Mineral Resources, Tarek El Molla, said during the meeting held by the minister at the headquarters of the Egyptian General Petroleum Corporation (EGPC), Egypt Oil&Gas reported.

The meeting was arranged to enable a direct talk between the minister and the employees and to review the modernization project. At the ocassion, El Molla stressed out the importance of speeding up the implementation of the project before the end of 2018.

The modernizing program will contribute in highlighting the role of the petroleum sector in increasing the economic growth, which is based mainly on the availability of energy as a major engine of growth and progress, the minister explained.

Modernizing the oil sector is currently being implemented through 7 phases aimed at improving the performance and efficiency of the oil and gas industry in various activities and developing its mechanisms in line with the successive changes locally, regionally, and globally.

Adopting the modernization program by the oil sector proves its commitment to implementing the current visions of economic and social reform and emphasizes its role as a key player in the implementation of the vision of Egypt 2030, the minister added.

El Molla futher disclosed that the young cadres in the petroleum industry are the cornerstone of the modernization and development project,  especially because they will be responsible for managing the operation of major oil projects that will enter the production stage in the coming periods.

The modernization vision aims to optimize the utilization of natural resources and aims to transform Egypt into a regional trading oil and gas hub. Through the scheme, the petroleum sector will become a model for development in the rest of the country while maintaining the basic values ​​of occupational safety, health, and innovation.

El Molla also reviewed the objectives of the seven phases for the program, which include attracting investment in research and production, improving production performance, structural reform of the sector, improving the performance of refining activities, distributing products, human resource development, as well as enterprise resource planning (ERP).

The meeting included a review of the main work axes of each program in the project by the members of the task forces responsible for its implementation.