Cairo – Mubasher: The national and foreign investments in Egypt’s petroleum sector stood at EGP 1.2 trillion over the last seven years, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated.
The investments included all implemented, underway, and understudy projects, according to a ministry statement on Monday.
The minister noted that 99 petroleum agreements were inked with international companies for excavation purposes at minimum investments of $17 billion.
He added that the Egyptian oil and gas sector's contribution to the country’s gross domestic product (GDP) reached 27% during fiscal year (FY) 2018/2019.
El-Molla noted that despite the COVID-19 pandemic, the sector was able to contribute about 24% to the GDP in FY19/20.
