Egypt looks to attract $10 billion foreign investment in oil and gas

Egypt looks to boost its oil and gas sector as it aims for investments worth about $10 billion in the 2018/2019 fiscal year beginning July, noted Tarek El Molla, the country’s petroleum minister.

According to Molla, the foreign investment the country is seeking is projected to be a 25 percent increase from 2017, and it is expected to total the amount used in the 2017/2018 fiscal year.

The country, which links northeast Africa with the Middle East, is a large energy producer and has the sixth largest oil reserves in Africa—mostly offshore reserves.

At the end of February this year, the country’s foreign reserves rose to $42.524 billion from $38.209 billion in January. The Central bank noted that the reserves jumped by $4.315 billion to $42.5 billion and this increase was greatly because of the $4 billion Eurobond sale.

In an interview to CNBC, Ahmed Heikal, chairman Qalaa Holdings, stated that the country is ready to become a key exporter of energy in the region and beyond.

“In the oil and gas sectors Egypt remains a very important player and there was impetus for Egyptian gas to flow to European markets via terminals in Idku and Damietta.” Heikal said. As far as the LNG (liquefied natural gas) terminals in Idku and Damietta are concerned, Egypt is ready to perform a very important role as a hub for energy, especially gas exports.”

Egypt aims to increase its gas production from newly discovered fields while it works Egypt towards quitting foreign oil and gas importation totally in 2019.