The President Abdel Fattah El Sisi, has stressed on continuing the modernization of the oil and gas sector through the development of the petrochemicals industry to cope with international market variables, according to a statement by the spokesman of the Egyptian Presidency, Bassam Radi.
This came during the presidential meeting with the Prime Minister, Mostafa Madboly; the Assistant of the President for National and Strategic Projects, Sharif Ismail; and the Minister of Petroleum and Mineral Resources, Tarek El Molla, discussing the strategic directions of the petroleum sector, as well as the most important milestones achieved.
During the meeting, El Sisi has urged intensifying the exerted efforts in order to maximize reaped economic benefits from the country’s natural resources. In addition to that, the president clarified that these benefits will help transform Egypt into a regional energy hub.
Additionally, the president remarked the further development of the services provided by the ministry to citizens, especially the natural gas delivery to new cities and housing units, in addition to expanding the installation of the smart meters, taking into consideration implementing the health, safety and environment (HSE) highest standards.
For his part, the Minister of Petroleum and Mineral Resources, Tarek El Molla, reviewed the recent achievements of the oil and gas sector, highlighting the enhancement of the total production of crude oil and natural gas. In addition to that, the sector succeeded in achieving the highest annual rates of delivering natural gas to the housing units in 2019, as well as accomplishing the highest investment rates in the sector during the last four years, and increasing the sector’s contribution to the gross domestic product (GDP) during fiscal year (FY) 2018/19.
Furthermore, El Molla presented the latest situation of executing several refining and petrochemical projects across the country, affirming the strategic importance of these projects in accomplishing Egypt’s development plans.