The Minister of Petroleum and Mineral Resources, Tarek El Molla, attended a workshop on February 26, showcasing the challenges facing the ministry and how to overcome them to keep pace with the global developments, organized by the Nation’s Future Party or Mostaqbal Watan held in New Cairo, according to a press release.
El Molla stated the achievements and challenges that faced the sector through the past years. He said that Egypt’s capabilities and timely decisions that were based on scientific data helped in attracting investments especially to the petroleum sector.
The minister stressed that the economic reforms contributed in improving the foreign currency exchange, praising the guarantees that the country provided through the Central Bank of Egypt (CBE) and the Ministry of Finance to support the investments for developing a number of mega projects.
El Molla further talked about the petroleum sector’s challenges such as the rise in the domestic needs of petroleum products and natural gas, accumulation of arrears, and complicated technologies.
He noted that the ministry has managed to overcome these difficulties and make the right decision through adopting new strategies related to modernizing and updating the sector, applying health, safety, and environment (HSE) standards, digitalizing the sector, training the sector’s cadres and talents, in addition to transforming Egypt into a regional gas hub.
The head of the parliament’s energy committee, Talaat El Sewedy praised the achievements of the petroleum sector in attracting the investments, indicating that the energy committee has witnessed 17 petroleum agreements within two days.
The Secretary of Energy and Environment Affairs at the party, Rasha Ramadan, said that this forum is an optimum opportunity to increase the awareness on the country’s achievements.