Minister of Petroleum and Mineral Resources Tarek el-Molla said the petroleum sector's contribution to societal development ventures amounted to more than EGP 2 billion over the past five years.

In statements Tuesday, during a meeting of Canada-Egypt Business Council (CEBC), chaired by CEBC Chairman Eng. Motaz Raslan, the minister said a new strategy is being devised, with a view to prompting the participation of the petroleum sectors' affiliated companies in societal development spheres.

El-Molla said all the sector's societal-related allocations are an essential part of incorporated policies in this regard.

He cited education, training, economic development, health, environment, gender equality , along with taking part in presidential initiatives as key pivots covering the sector's societal development-oriented scheme.

The petroleum sector has more than 120 companies that have marked societal contributions in response to needs of the local areas where they operate, noted the minister.

El-Molla pointed out that the petroleum sector succeeded in luring investments worth of 74 bn in the period between 2014-2021.

A number of petroleum officials and heads of giant world petroleum corporate took part in the meeting among others.