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Egypt looking for $10 billion in oil, gas investment


Egypt seeks to spend $10 billion dollars in search of oil and gas and to further develop some of its discovered fields.

The country is, therefore, looking to attract an estimated $10 billion in new investments during the current fiscal year, Egypt’s petroleum minister, Tarek El Molla, stated.

Demand from major international companies represents a clear message on the confidence of foreign companies in the improving investment climate in Egypt, due to the reforms the government has been implementing, El Molla stated in a statement released by the Energy ministry recently.

The oil minister disclosed that Egypt plans to achieve steady growth in oil investments in the upcoming years, especially in light of the ongoing expansion of exploration agreements, the implementation of field development programs, and major projects producing gas from deep water in the Mediterranean.

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