Cairo – Mubasher: Egypt is targeting EGP 10 billion in investments in the petroleum sector in the coming fiscal year 2018/2019.
Foreign investments in the oil sector are expected to stand at around $10 billion for the current fiscal year, marking a 25% increase from the previous year, Egyptian petroleum minister Tarek El-Molla told Reuters.
El-Molla attributed the increase in FY17/18 foreign investments to the thriving investments in major gas exploration projects in the Mediterranean water.
The North African nation aims to raise its gas output from recently discovered fields, including the supergiant Zohr asset discovered by Italy’s Eni in 2015.
