Egypt Cabinet approves $200m in energy projects
CAIRO, July 9, 2024
The Egyptian Cabinet today (July 9) approved five projects for petroleum commitment agreements with a number of international and national companies, with expected investments of about $200 million, said a report.
These agreements, involving the Egyptian Natural Gas Holding Company and the Egyptian General Petroleum Corporation, is for gas and crude oil exploration projects in the Mediterranean, Nile Delta and Western Desert, according to Egypt Today.
The approval of these agreements is expected to contribute to Egypt's efforts to increase its oil and gas reserves and production and to meet the growing demand for energy in the country.
These are part of the government's strategy to attract foreign investment in the oil and gas sector and to develop the country's natural resources.
The go-ahead comes a day after Prime Minister Mostafa Madbouly outlined his new cabinet’s programme for the coming three years during a special session at the country’s House of Representatives, said the report.
Madbouly said the new government will be tasked with handling the country’s pressing challenges, including those related to economic, and security pillars.
The programme is tailored to address three main challenges: completing the infrastructure and services projects nationwide, mitigating the repercussions of the global economic conditions, and addressing the challenges resulting from regional conflicts, he added.
