Cairo – Mubasher: Egypt has attracted EGP 1 trillion in foreign investments in planned and operated oil and gas projects, including $35 billion during the last four years, the country’s minister of petroleum and mineral resources Tarek El-Molla said.
During fiscal year 2018/2019, the oil and gas sector contributed 27% to the North African nation’s gross domestic product (GDP) amounting to EGP 1.4 trillion, El-Molla added in a statement on Tuesday.
On the sidelines of the 2020 Egypt Petroleum Show (EGYPS 2020), El-Molla revealed that the petroleum sector achieved a balance of trade surplus for the first time during FY18/19.
Egypt managed to pay slash overdue payments to foreign oil partners by more than 80%, which contributed to restoring investors’ confidence in the Egyptian market, he added.
Over the last four years, the gas sector turned from a negative growth of 11% to a positive growth of 20%, enabling the country to be self-sufficient.
Meanwhile, crude oil and gas production rose to an all-time high of 1.9 million barrels of oil equivalent per day in August 2019.
