The ministry is working to raise the efficiency of the petroleum sector's projects and accelerate the industry’s digital transformation
Egypt is looking to distribute around EGP 30 billion in investments towards developing public sector oil companies as part the fiscal year’s (FY) 2022/2023 budget, explained Minister of Petroleum and Mineral Resources, Tarek El Molla.
During the general assemblies of public-sector oil companies to approve planning budgets for FY2022/2023, El Molla stated that the investments aim to increase the development processes in the state petroleum companies.
The ministry is working to raise the efficiency of the petroleum sector's projects, particularly in the refining industry, and accelerate the industry’s digital transformation with the ministry’s framework to modernize and further develop the industry.
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El Molla added that his ministry attaches the utmost importance to environmental aspects, with petroleum companies observing updates and new development processes that take into account environmental factors and industrial security.
In October 2021, Italian company Eni announced the discovery of three new locations for refining in the Meleiha concessions and southwest of Meleiha, in the Western Desert in Egypt.
