Back to the complete issue
Tuesday, 11 July 2017

Oil sector development should be completed by 2018 instead of 2021 -El Molla

Is the Oil Ministry reworking the timeline of its “Egypt as an energy hub” timeline? It appears that the Oil Ministry has set a ambitious target of turning Egypt into a regional energy hub by 2018, three years ahead of schedule. Oil Minister Tarek El Molla told EGPC workers it is necessary to complete the sector’s development before the end of 2018, in order to boost economic growth, Al Masry Al Youm reports. The statements come as we have seen a number of important developments come into fruition at this time. On the legislative front, Parliament passed Natural Gas act last week, with the executive regulations coming in September. Trial runs on SUMED’s LNG pier were announced on Sunday, while production on Eni’s Zohr field looks set to take off at the end of this year.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.