Vice of Nation’s Future Party MP Mohamed Abou El Enein said on Monday President Abdel Fattah El Sisi succeeded in making the global companies operate again in the oil sector in Egypt.
Speaking during the plenary session of the House of Representatives, Abou El Enein mentioned that Egypt lived periods of a power outage after the 2011 Revolution because there was no enough oil.
The prominent businessman pointed out that the foreign oil companies’ dues increased after 2011, reaching $6.5 billion and the investors at that time lost their trust in the Egyptian economy due to the suspension of projects and insecurity.
President Sisi’s meetings with foreign oil companies resulted in the discovery of the biggest gas field in the Mediterranean region (Zohr gas field) and turning Egypt from a gas importer to gas exporter in a few years.
Egypt’s oil sector became a large contributor to the GDP with a percentage of 27% worth EGP 1.4 trillion, he added.
He thanked the Petroleum Ministry and its leadership for their efforts for making the sector attractive for investment.