Egypt’s petroleum minister Tariq Al-Mulla announced that foreign investments in Egypt will rise to roughly $8.6 billion during 2015-2016 compared with $7.7bn recorded last year.
Al-Mulla says that investment flows into the oil and gas sector in Egypt are still normal despite the challenges facing the global oil industry, reports UAE-based Aliqtisadi.
According to experts, the energy, oil and electricity sectors will capture the largest percentage of the foreign investments during 2016.
The minister of petroleum says that the ministry took many measures during the recent period in this field, including the reduction of the dues of foreign companies operating in the oil sector to half over the past two years and the development of some petroleum agreements’ conditions to achieve balance.
He adds that in addition, there was “the signing of 62 new agreements with investments that exceeded $14bn and 12 other agreement within the termination of proceedings stage.”
It is noteworthy that Italy’s Eni’s discovery of a huge gas field off the Egyptian coast was one of the fruits of the new agreements.
($1 = AED3.67, at the time of publishing)