Petroleum Projects Exempted from Investment Rationalization Decision: El Molla

Petroleum Projects Exempted from Investment Rationalization Decision: El Molla

Egyptian oil and gas sector projects will be excluded from the government’s decision to rationalize investment dollar spending, Minister of Petroleum and Mineral Resources Tarek El Molla, told CNBC in an Interview.

El Molla added that the companies that entered into partnerships with the Ministry of Petroleum usually cover initial investments in new oil and gas projects, not the ministry.

On January 9th, Prime Minister Mostafa Madbouly issued a decision that includes a package of measures to rationalize public spending in the entities included in the state’s general budget and public and economic bodies in light of the current economic crisis and to reduce dependence on the dollar in new projects undertaken by the state, according to Al Ahram Newspaper.

Sarah Samir 2950 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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