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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.

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