The rights of foreign partners have fallen to the lowest level since 2010 …

Oil: foreign partner contributions have fallen to the lowest level since 2010 (Graf)

2:05 PM


Thursday, 05 July 2018
Petroleum Minister Tariq al-Mulla said Thursday at a press conference that contributions from foreign partners to the oil sector had fallen to $ 1.2 billion by the end of the previous fiscal year, the June 30, 2018, at the lowest level.

Mullah said that the reduction in debt helps encourage foreign oil companies operating in Egypt to increase their investments in the local market.

He added that the ministry aims to end all the benefits of foreign partners by the end of 2019.

Foreign partners accumulated after the revolution of January 2011, until reaching about $ 6.3 billion in 2011-2012, before

According to a statement by the Ministry, the non-payment of accrued benefits to foreign partners a negative impact on the activities of the oil and gas industry.

Pay these debts due to the non-payment of debts due to the Petroleum Authority in various sectors of the State and the decline of public resources after the revolution of 30 June foreign exchange due to the decline of income and Egypt's tourism exports and upward subsidies on petroleum products to an unprecedented number. In the inability of the oil sector to pay the acquired business rights "The Ministry said that after the revolution of June 2013, the State and the Ministry of Oil wanted to confirm their commitment to face to the payment of these accumulated contributions years Through a repayment program aimed at reducing the size of these rights, "and the support of these efforts at the announcement of the political will of Egypt's fulfill its obligations. "

" The Ministry of Petroleum has already reduced to $ 6.3 billion 2.4 billion countries The Ministry of Finance said that the payment of royalties had a positive impact on the economy. oil and gas exploration and exploration and that the rapid development of open fields and the implementation of a number of major projects have resulted in an increase in oil and gas production rates and stimulated the p foreign partners to pump more investment and intensify the work of research and exploration.

Payment of contributions helps to stimulate global business in general in the progress of global auctions. "This is a positive result for exploration and exploration to increase crude oil and natural gas production rates and attract investment in existing or new international companies to operate in Egypt."

"The positive results of the credibility of the Ministry of Oil The commitment of its commitments to achieve several major discoveries, especially in the field of natural gas where the discovery of the giant's back field and the return of work in the project north of Alexandria after the modification of the agreement and the development of the Atoll field, the return of life to Nawras in the Nile Delta. t of $ 27 billion, with a total potential production rate about 6 billion cubic feet of gas per day. "