Aboul Enein Calls for Enhancing Global Marketing of Egypt’s Oil Projects

MP Mohamed Aboul Enein, Deputy Speaker of the Egyptian House of Representatives (HoR), paid a tribute to Eng. Tariq Al-Molla, Minister of Petroleum and Mineral Resources, saying that he has successfully managed to eliminate the problems that were facing the oil sector in Egypt.

In his comment to the Petroleum Minister’s address at the Parliament’s plenary session today, Aboul Enein said that Al-Molla also managed to ink a big number of oil agreements during the last period, noting, “We still facing major challenges to achieve further success especially in light of the high global competitiveness.

The Prominent businessman also stated that the Ministry of Petroleum concluded 84 oil agreements since 2014, including the Egyptian border demarcation agreement, after 14 years in negotiations.

The parliament deputy speaker stressed the need to work on enhancing global marketing of the state-owned projects, saying: “We are walking in a controlled track and we need to hail the political leadership for its support for that sector.”

Notably, the Petroleum Minister said that his ministry exerted efforts to attract more foreign investments for carrying out more oil exploratory projects in many areas, especially in the Red Sea region.

He said that the parliament has contributed to achieving this success by approving such agreements, which were signed with giant international companies such as ExxonMobil and Chevron to work in Egypt in new areas in the Mediterranean and Red seas.

He pointed out that such agreements resulted in 47 crude oil and 15 gas new discoveries in the western and eastern deserts, the Gulf of Suez, the Nile delta and the Mediterranean during 2020.

 It is noteworthy that ten Cabinet Ministers of the government of Egypt’s Prime Minister Mostafa Madbouly will appear before the House of Representatives this week to deliver statements on the current and future programmes of their portfolios.

In this third week the cabinet ministers come to parliament to address MPs on the policies of their portfolios.

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