El Molla Reviews Petroleum Strategy at World Economic Forum

El Molla Reviews Petroleum Strategy at World Economic Forum

The Minister of Petroleum and Mineral Resources, Tarek El Molla, reviewed the Egyptian strategy to achieve transparency and fight corruption at the Sustainable Development Impact Summit in the World Economic Forum, New York, according to a press release.

El Molla participated in a panel discussion entitled “Change in Anti-Corruption Techniques”, highlighting the government’s efforts to tackle corruption, its support for a robust transparency system, and the effective role of modern technologies used in developing these new systems that aim to combat corruption and avoid its effects on domestic production.

In his speech, the minister affirmed that Egypt is commitment to enhancing transparency and tackling corruption, which has contributed to pushing forward sustainable development and achieving the optimal exploitation of natural resources. The oil sector is a model in this regard to attract more investments and increase local production, which comes in line with Egypt’s Vision 2030, El Molla said.

He added that the petroleum sector’s Modernization Project contributes to increasing transparency and avoiding corruption. He further explained that the implementation of several projects including the development of Enterprise Resource Planning (ERP) and GPS systems improve and automate the business cycle to achieve the highest degree of transparency and efficiency.

He also pointed out to the implementation of a new program to enhance and increase the efficiency of the distribution and circulation of petroleum products at all stages using modern technologies to reform the fuel pricing structure and avoid natural resources waste.

He pointed out that there is continuous efforts to raise the oil sector’s awareness to combat corruption, adding that there is a specialized executive committee in the petroleum sector working to continue implementing programs in this regard within the framework to combat corruption.


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