On 21st January 2019
The Egyptian Petroleum Association organized a seminar on 20th January 2019, titled "Petroleum Sector.. Strategy and Achievements", in the presence of a large number of the Petroleum Sector’s leaders and members of the Association and the Parliament. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, reviewed the Petroleum Sector’s most significant achievements during the period 2014 to 2018, which witnessed overcoming the challenges, due to the strong will, and sincere efforts of the Sector’s workers, supported by a political leadership that believes in change and reform.
El Molla highlighted the pillars of the Petroleum Sector strategy, which succeeded in accomplishing these achievements. He mentioned that the Petroleum Sector Modernization Project aims at achieving the optimal economic benefit of all natural potentials and resources, contributing to Egypt’s sustainable development and transferring it into a Regional Hub for oil and gas trade. That’s besides making the Petroleum Sector a role a model for the rest of the country’s sectors in Modernization. El Molla added that the development should be implemented along with maintaining the basic values of safety and innovation standards, work ethics, transparency and efficiency.
El Molla pointed out that the last four years witnessed the signing of 51 new petroleum agreements, that contributed to the recovery of the natural gas production rates after a significant decline, due to not signing any new agreements during 2011 till 2013. Moreover, paying the foreign partner’s arrears has a significant role in signing these agreements and pumping more investments.