Eng Mahmoud Latif, the new Egyptian Minister of Petroleum and Mineral Resources, declared a strategy for the coming period in which he stressed on the importance of stability in order to increase production rates, attract more investment to the petroleum sector and increase the national income.
In the beginning H.E .addressed his message to the employees of the oil sector urging them to create stable conditions in order to increase production rates through these difficult circumstances, specially that the petroleum sector has significant contribution to the national economy of Egypt. He expressed his confidence in the employees of the oil sector and their ability to overcome the current situation. H.E, who spent 37 years in the petroleum sector, has plans to arrange meetings with workers to get to know their views and problems and assured them that he will focus on improving working conditions in the near future.
In the current phase the petroleum sector will focus on core activities related to exploration & production, refining, and marketing in order to maximize production rates to secure petroleum products and natural gas for the domestic market and to provide the energy required for all development projects.
In the transition phase, the ministry plans to develop and improve services provided to citizens and to secure the supply of petroleum products, petrochemicals and natural gas. Egypt will give priority to the implementation of projects aimed primarily at providing the main petroleum products needed by the domestic market, especially gasoline, diesel and LPG.
Egypt will intensify its efforts to attract more investments to the oil and gas sector to achieve the best interest for the country.
Egypt will abide by all the terms of the agreements signed with the international companies operating in Egypt, and will increase the coordination with them, in order to augment Egypt’s production and reserves of oil and gas.