28 October 2020 09:39 AM

Sisi probes with petroleum minister measures to modernize oil sector

Friday، 08 March 2019 - 01:03 PM

President Abdel Fattah El Sisi on Thursday 07/03/2019 held a meeting with Prime Minister Moustafa Madbouli and Petroleum Minister Tarek El Molla on future axes of petroleum sector and the unprecedented accomplishments achieved by the sector over the past period.

Molla said Egypt achieved the highest production of crude oil and natural gas in February with an output of 1.8 million barrels a day, said Presidential Spokesman Bassam Rady.

He also said that one million housing units were supplied with natural gas in 2018, the highest ever rate recorded in Egypt.

Investments in the petroleum sector over the past four years hit 27 billion dollars, he added.

The best accomplishment realized by the ministry till now was achieving self-sufficiency in natural gas through accelerating the excavation works for natural gas and offering international tenders that encouraged ExxonMobil to pump investments in the Egyptian market for the first time and Shell company to return investments in the market after a ten-year absence, Molla said.

Sisi directed officials to go ahead with modernizing and developing oil sector with a focus on infrastructure projects of oil and natural gas in the coming period.

He urged optimizing the use of all natural potential to contribute to achieving sustainable development for Egypt to be a regional economic hub for oil and natural gas trade.

Sisi also ordered supplying natural gas for housing units and new cities with paying attention to the highest standards of environmental safety and development of customer care centers to provide better services for citizens.

Molla said the oil sector has managed to meet the needs of local market to provide petroleum products continuously.

The minister pointed out that the petroleum ministry has developed value added petrochemical industries to match the changes of global market and meet the local market needs.


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