Egypt: New investments worth billions of dollars with international companies

Despite the challenges of the Corona pandemic, Egypt has succeeded in concluding many new agreements to search for oil and gas, whether with a number of major companies operating for the first time in Egypt, such as Chevron and Exxon Mobil, or with already operating companies such as BP, Shell and Total.


The framework of cooperation and integration between the seven countries affiliated with the Eastern Mediterranean Forum (including producing, consuming and transit countries) has also contributed to increasing investments from foreign companies.


Tarek El Molla, Minister of Petroleum and Mineral Resources, says that Egypt was able to successfully manage the crisis of the repercussions of the Corona pandemic, especially since the economic reforms implemented by Egypt in recent years, in which the oil and gas sector was a mainstay, contributed to containing the effects of the pandemic on the economy and the oil and gas sector and the continuation of non-stop work in the fields Egyptian Petroleum in light of the application of precautionary measures and safe operating standards.


El Molla affirms the link between developing the investment atmosphere in the petroleum industry and paying the dues of foreign partners over the past years, in order to achieve credibility in front of international companies, and supports the efforts made by the Egyptian government to amend investment legislation and implement a program to expand the infrastructure to attract investments. These steps have led to attracting new investments of more than 30 billion dollars over the past four years.