In the first statement released by Eng. Sherif Ismail as the Minister of Petroleum and Mineral Resources following the sworn in ceremony, he confirmed that the priorities of the current phase, that requires action to face a number of challenges, which is headed by meeting the domestic market needs of petroleum products and natural gas through several main axes that include working to increase production rates of natural gas and crude oil from the discovered fields by encouraging foreign partners to speed up development processes and intensifying research activities, exploration and attract more foreign investments, in addition to moving forward in activating the results of the bid rounds posed recently by the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company and Ganoub Al Wadi Petroleum Holding Company, in addition to continuing regular programs of petroleum products import from diesel, fuel oil and gasoline to complete the country's requirements and work to develop the petroleum products system of trading in collaboration with the various bodies of the state. Also, he stressed the importance of rationalizing the petroleum products and natural gas subsidy, and in this context, the Minister of Petroleum confirmed on the importance of cooperation with the relevant ministries and the sector-related activities such as Electricity and Industry Ministries for continuous coordination.
He added that the coming period will continue to intensify Gas Delivery projects to provide LPG for consumption and improve the services offered to citizens, and work to complete the petrochemical projects to maximize the added value of these projects
and this Phase will also witness the continuation of efforts to intensify research activities, exploration and exploitation of mineral resources.
The Minister stressed that the oil workers in the petroleum sector are the core of the production process and the training and development of young cadres is a strategic goal and the preparation of the second row of the leaderships of oil are eligible to take over the responsibilities of the petroleum business in the coming phase.