Egypt signs 98 oil agreements worth $74bln since 2014: Minister

Egypt signs 98 oil agreements worth $74bln since 2014: Minister

Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla has announced that, since 2014, the country has signed 98 agreements with international oil companies to search for and exploit oil and gas. El Molla noted that the total investments injected into the oil and gas sector during the period from fiscal year (FY) 2014/15 to FY 2019/20 amounted to about $74bn. In a virtual symposium held by the British Egyptian Business Association (BEBA), El Molla pointed to four important projects in the field of refining, which saw investments amounting to $4.6bn. These have been implemented to produce high-quality products, stressing that the quantities of petroleum products Egypt has imported from abroad have been reduced by 35%. The minister stressed that the economic reforms implemented by the state succeeded in placing Egypt back on the map of global investments. This is in light of the strong support by President Abdel Fattah Al-Sisi for efforts to develop all sectors and activities of the state. El Molla pointed out that Egypt has received the applause of global institutions, with the International Monetary Fund (IMF) announcing that the country was the second largest economy in the Arab region during 2020. The minister pointed