Cairo – Mubasher: Foreign oil firms working in Egypt raised its investment to $10 billion in 2017 for oil and gas exploration and fields’ development and operations, according to Alborsa News.
Egypt’s minister of petroleum and mineral resources, Tarek El-Molla, said that foreign partners in the petroleum sector upgraded their investments in the sector after the government repaid their financial dues periodically.
The petroleum sector recently repaid new instalments to foreign oil firms of accumulated dues of $2.2 billion, as the debt dropped to $2.3 billion, El- Molla added.
The repayment initiatives and diminishing dues had a positive impact on increasing the investments of foreign oil firms in Egypt, he stressed.
The minister noted that 82 deals of investments worth $15.4 billion have been signed over the past three years, aiming the exploration of new fields.
The Central Bank of Egypt (CBE) posted that the direct foreign investments (DFI) in Egypt rose 14.5% in fiscal year 2016/2017 to $7.9 billion, compared to $6.9 billion in the prior fiscal year.
