Cairo – Mubasher: Germany’s Wintershall Dea aims to invest $800 million in Egypt until 2020, the North African nation’s minister of petroleum and mineral resources Tarek El-Molla said.
This move reflects the most populous Arab nation’s improved investment climate on the back of economic reforms, El-Molla added in in a statement on Monday.
Moreover, Egypt’s arrears to foreign oil firms declined to $900 million at the end of June, encouraging foreign companies to further invest in the country, he revealed.
The oil and gas major Wintershall Dea seeks to increase its production to 800,000 barrels of oil equivalent per day, the company’s CEO Mario Mehren said.
