The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that international oil companies (IOCs) have agreed to speed up the exploration and production (E&P) of new discoveries. They have also agreed to build new refineries, and add production lines at existing refineries, reported Al Borsa.

The minister’s words came in the opening speech of the workshop of the development of the oil and gas sector. He added that Egypt is interested in establishing storage tanks to increase reserves’ capacity. In addition, the ministry is focusing on petrochemicals projects as they add value to the market in the light of the increase in gas production after adding new discoveries to the market. El Molla concluded that the petroleum sector plays a prominent role in achieving economic reforms due to its role in the Egyptian energy sector.

The aim of the development plan is to promote progress within various aspects  of the oil and gas sector, in order to contribute to Egypt’s reform by attracting more investments. El Molla highlighted the importance of collaboration in setting the petroleum sector’s strategy and planning initiatives accordingly in order to meet 2021 fuel objectives and align with the country’s overall 2030 strategic drive.