China's PBC issues 418.5b yuan off reverse repo    Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt, Bahrain explore deeper cooperation on water resource management    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    African trade ministers meet in Cairo to push forward with AfCFTA    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's Oil Ministry to execute four projects, with $1.5bn investments
Amwal Al Ghad Published in Amwal Al Ghad on 21 - 03 - 2019

Egypt's Oil Ministry is working on a strategy to upgrade the petrochemical industry and complete the expansion plans that target executing four new projects in the next years, with investments of $1.5 billion, Minister Tarek el-Molla said on Wednesday.
El-Molla pointed during a general assembly meeting of the Egyptian Ethylene and Derivatives Company (ETHYDCO) to his ministry's keenness on developing petrochemical industry and increasing its production capacity, noting that it will also help increase the value added of oil products.
He said it will also translate into more foreign reserves coming from petrochemical exports. "A developed petrochemical sector will also help support the balance of payments and the national economy," he stressed.
El-Molla asserted the importance of implementing projects in a timely manner to increase the production capacity of petrochemicals, which will accordingly contribute to an optimal use of Egypt's surplus of natural gas.
El-Molla announced earlier that Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year.
El-Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt's gas production amounts to around 6,400 million cubic feet per day.
Previously, an official source at the Petroleum Authority said that the volume of joint foreign investments that were pumped during 2018 in the petroleum sector recorded $5.7 billion.
The source clarified that $3.2 billion were invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.
Also, an official source at the Petroleum Authority said that seven agreements were signed to explore petrol and gas with minimum investments of $162 million during 2017/2018.
The source elaborated that procedures of 10 new agreements were completed during July and August 2018, noting that 19 contracts were signed to develop the discovered fields until August 2018 to support the targeted plans to increase the production of petrol and gas.
Source: Egypt Today

Clic here to read the story from its source.