The Egyptian Oil Ministry has assured that the industry is currently stable despite the ministry’s anticipations of losing its partners due to the latest decrease in oil prices, Mohamed Taher, First Undersecretary of the Oil Minister told Amwal Al Gad.
Taher added that significant foreign investments have been made in the local market, referencing Eni’s involvement with Zohr concession off the Mediterranean. The Italian company has allocated a sizable budget to further enhance the field and increase gas production.
The First Undersecretary mentioned that around $25b have recently been invested in the country’s oil and gas sector to improve several fields including Atoll, Zohr, and North of Alexandria, with operations over the next four years.
In related news, Reuters wrote that the stock markets in the Gulf region is slowing down due to soft oil prices and underperforming corporate earnings, yet Egypt’s index boosted slightly as the country’s currency strengthens in the black market. This turn has stabilized the Egyptian market and suggests that outflows of currency is expected to ease.