26 May 2018 06:10 AM

EGYPS 2018 platform for cooperation with world companies

Monday، 12 February 2018 - 03:40 PM

Petroleum Minister Tarek el Molla said on Monday 12/2/2018 Egypt Petroleum Show (EGYPS 2018) is an important platform for exploring promising opportunities in the petroleum market and increasing cooperation with world companies.

Addressing the opening session of the conference that was held at Egypt International Exhibition Center (EIEC) in New Cairo, the minister said the conference is one of the tools used by the Petroleum Ministry to increase investments in this important sector.

He expressed appreciation for President Abdel Fattah El Sisi's continued support of the oil sector and his keenness to take part in the opening of today's conference.

He said the petroleum sector achieved over the past four years unprecedented successes that made Egypt the core of attention of many world companies.

Molla lauded steps taken by the Egyptian government to boost the national economy through liberalizing the pound, adopting daring economic reforms, developing investment-related legislations and fixing the energy subsidy mechanism.

Petroleum minister said four major natural gas projects were finalized in 2017 for the first time.

The four projects include the first stage of North Alexandria fields, increasing production of Nooros field, starting the production of Atoll field and the first stage of Zohr gas field, Molla said.

These projects increased Egypt's natural gas output by 1.6 billion cubic meters daily, representing 40 percent of Egypt's gas production, he said.

He added that several projects were carried out to upgrade refinery labs and develop the infrastructure of gas transfer lines, ports and storing areas.

The minister said a number of initiatives will be launched during the conference as part of efforts to develop the oil sector, including a new initiative, in cooperation with world petroleum marketing companies, to improve the quality of fuel and produce a fuel compatible with world standards.

At the end, the minister reiterated the government's commitment to paying the dues of all foreign companies operating in Egypt and providing an investment-magnet atmosphere to lure more investments in the energy market.

MENA

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