Egypt seeks to become regional energy hub
An Egyptian minister said his country has been tirelessly working to become a regional energy hub through a set of measures and projects.
Tarek El-Molla, Egypt’s minister of petroleum, pointed out that his country has embarked on a several-years programme to reform the energy sector, achieve a more balanced energy mix and address problems in the natural gas sector.
In remarks published by the London-based Al Hayat, El-Molla indicated that the Egyptian government has endorsed the natural gas law under which a regulatory body will be established to control this sector.
The minister spoke about a number of measures to increase local production of crude oil and natural gas.
According to the minister, inbound foreign investments amounted to $7.7 billion in the fiscal year of 2014-2015 and $8.6bn in 2015-2016.
He assured that foreign investment continues to flow to the Egyptian energy sector despite challenges in the global markets.
Furthermore, the Egyptian government has managed to pay off roughly 50 per cent of the amount it owes to foreign companies, El-Molla added.
($1 = AED3.67, at the time of publishing)