After taking the oath as the Minister of Petroleum and Mineral Resources , Eng. Tarek El Molla, affirmed that, securing fuel supplies for the domestic market and continuing the current as well as the future development projects, adopted by the State for achieving the People’s aspirations for a better future, come on top of the Petroleum Sector’s priorities .
He pointed out that the current phase will witness continuity of intensified exploration activities as a main mission to increase reserves and production rates of crude oil and natural gas, by offering international bid rounds and signing new agreements, in addition to the precise follow-up of the recently signed agreements, along with stimulating foreign partners to accelerate the implementation of their exploration programs.
Also, He clarified that attracting investment in various petroleum activities is one of the main factors of the Ministry of Petroleum work program. That’s besides following up infrastructure projects to facilitate transporting natural gas and petroleum products. Moreover, the Petroleum Sector is committed to pay the accumulated arrears for foreign partners, which will reflect positively on increasing investment and accelerating development of discovered fields.
Eng. Tarek added that the coming period will witness working on the development of public service activities, that improve the citizens’ standard of living, especially the implementation of the ambitious program to increase gas delivery rates to 1.2 million residential units over the current fiscal year and the construction of new fuelling stations on the roads and vital regions.
He confirmed that the next phase will experience a breakthrough in the mineral resources activities targeting to maximize the value added for both; the State and investor’s common interest in this vital domain.
Moreover, he stressed that the Petroleum Sector is keen on continuing its programs to achieve specific goals and schedules. Having a clear strategy for the preparation of qualified young cadres capable of bearing responsibility, is one of the priorities in the coming period, which require hard work and sincere efforts.
However, Egypt will turn into a pivotal regional hub for energy in, the forthcoming period, in light of the availability of all factors, the most significant of which, is the presence of the Suez Canal after the inauguration of the new Suez Canal as a global navigation Trade line and Sumed pipeline , in addition to the availability of major oil and gas infrastructures .