Prime Minister Mostafa Madbouly met with Minister of Petroleum and Mineral Resources Tarek El Molla to discuss issues concerning the local market as well as the status of providing petroleum needs, especially before Eid al-Fitr.

During the meeting, El Molla confirmed that Egypt aims to attract large foreign investments in the gas and oil industry next fiscal year, and seeks to increase the contribution of renewable energies to 42% by 2035.

El Molla emphasized the ongoing research and exploration efforts undertaken by several major international companies in the petroleum sector, as they implement an ambitious program to explore gas reserves in the Mediterranean Sea. These companies, reaffirming their commitment to their plans in Egypt, are currently engaged in drilling numerous wells.

This initiative coincides with Egypt’s efforts to enhance the efficiency of its existing fields through extensive drilling programs aimed at sustaining production rates. Moreover, the country is witnessing increased interest from numerous international companies eager to engage in partnerships and invest in Egypt, drawn by the promising opportunities, signaling promising prospects for the future.

The Minister stated that the ministry is working to increase fuel pumping rates in the local market, especially during the upcoming holiday season, to meet the various needs of petroleum products, pointing out at the same time that Egypt has a strong infrastructure in the field of natural gas.

El Molla added that the petroleum sector will continue its journey during the year 2024 to complete several projects to increase production rates from petroleum wealth.