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Thursday, 21 April 2016

Oil Ministry targeting USD 25-30 bn in investments over the next two and a half years

The Oil Ministry is working on attracting USD 25-30 bn in investments in the next two and a half years, according to a statement by Oil Minister Tarek El Molla, Al Mal reports. El Molla added that the most recent agreement with Saudi Arabia seeks to expand the usage of the SUMED pipeline. The ministry is also working on preparing a new pier at the Sokhna Port to receive another floating storage and regasification unit. El Molla also expects Egypt to benefit from the failure of international oil producers to reach an agreement to freeze production as it will reduce Egypt’s energy import bill. (Read in Arabic)

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