Egypt

Petroleum Ministry Aims to Transform Egypt into Regional Energy Hub

Published on : 2021-02-01

 

Minister of Petroleum and Mineral Resources Tarek El-Molla said on Sunday that the Ministry aims to transform Egypt into a regional hub for trading oil and natural gas.


This came during the minister’s speech infront of the parliament in its plenary session on Sunday.


El-Molla added that the ministry is working to attract investments in the energy sector for the first time to the Red Sea region.


The minister said that he had concluded several agreements with international partners to explore for oil and gas, adding that Parliament had a share in this success after approval of such deals.


These deals attracted giant oil companies, such as Exxon Mobil and Chevron Corporation to pump investments in new territories, namely the Mediterranean and the Red Sea.


In 2020, Is many as 62 new oil and gas exploration were conducted in the western and eastern deserts, in addition to the Nile Delta and the Mediterranean Sea .


Finally, he explained that natural gas has been delivered to homes since July 2015, to 4.6 million housing units, and to about 600,000 housing units during the period from June to December 2020.



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