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The volume of oil discoveries in Egypt has increased dramatically in recent years, which has revived great economic hopes in the country, in particular that activity in some areas has started in real terms and should start another soon.
The Oil Ministry said in April that it had managed to make an oil discovery in Western Sahara.
The former Minister of Petroleum and Mineral Resources, Osama Kamal, said that the increase in Egyptian gas production reduced the country's import, especially that the import of oil. One billion cubic meters of gas costs a quantity of Gas Discovery helps to meet the needs of industry and power generation, whose level in Egypt has gone from 28 megawatts per hour to about 40 megawatts right now.
The former Minister of Petroleum Some of the major projects launched in recent years in Egypt for the promotion of the economy would not have occurred without solving problems such as electricity, especially in the field of petrochemicals, pointed out the improvement in oil prices over the past two years. Strong enough at under $ 30 favors evil
The president of the Suez Cbad Authority and the president of the Suez Cbad Economic Zone in Egypt, Mehab Mameish, and Bbadel El-Baz, president of the Carbon Holdings' board of directors, signed in late June the largest petrochemical complex in the Middle East.
According to engineer Osama Kamal, the discovery of oil has great benefits for the Egyptian economy and creates an environment conducive to attract foreign investment, which increases the country's exports and weighs more heavily on foreign currency.
The President, The intention of the company to invest $ 500 million in Egypt within three years, according to media reports.
Oil and mineral wealth in Egypt has intensified and calls for tenders have been put on the market. And the conclusion of oil agreements for oil research, to increase production rates in oil and gas.
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