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Minister of Petroleum and Mineral Resources Tariq al-Mulla announced the reduction of arrears of foreign partners in oil and gas research to $ 1.2 billion by the end of fiscal year 2018
The total refund of contributions is expected to be completed by the end of 2019. This confirms the credibility and commitment of the Egyptian State in the current period and its transparency in the treatment and the documented announcement of indicators and performance results. Completion of the exercise in the end And the new 2018.
The Minister pointed out that the announcement of the decline in receivables answers all the questions raised about how to pay these debts, and the decline in parallel with the regularity of payment of new claims in the first letter of the Egyptian State to the world and to investors, Encourage them to invest, but also have a direct positive impact on the oil sector by increasing the volume of demand for new oil and gas exploration opportunities and by increasing investments in research, exploration and development of fields, The Minister stressed the importance of reforming fuel subsidies and the measures taken at In this regard, as well as the trend of the state to study the development of a petroleum pricing mechanism in this area.
The field's production is expected to reach about 750 billion cubic feet of gas per day by the end of August, pointing out that Egypt is expected to reach about 6,750 billion cubic feet of gas per day by the end of the year Current production rates The minister explained that he was working with them and there is a committee formed with the Council of Ministers and is working on the dates for the development of alternatives to pay the contributions of the Ministry of Oil so that he can The Minister pointed out that the expansion of the natural gas delivery plan to homes achieved the objectives of the State social justice and reduces the burden of importing the potagaz and the support allocated to it from the state budget, Stressing that the ministry is working
The Minister stressed the importance of the new area of Alamein and the availability of elements for the implementation of oil projects and explained that future refining and petrochemical projects are being considered in this region according to the vision of the Ministry of Social Solidarity. Egypt 2030 to serve the expected population growth and investment of the geographical location near the oil port of Al Hamra, noting that there are opportunities for private sector participation to such projects.
Mulla pointed out that work is being done to achieve gas self-sufficiency He pointed out that the existing gas import facilities will be used for the implementation of the liberalization of the gas market, which progressively passes through the regulator of the gas market.
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