Egypt expects oil investments worth $80bn by 2021

Egypt’s Ministry of Petroleum and Mineral Resources expects investments of $80 billion over the next six years.

Speaking during the opening ceremony of the expansion of Misr Fertilizer Production Company (MOPCO) in Damietta province Minister Tariq Al-Mulla said the ministry’s plan includes increasing domestic production of gasoline, diesel and LPG by about 60 per cent during these years through the development and modernisation of refineries.

He pointed out that the last two years have witnessed the signing of 66 petroleum agreements with international companies worth at least $14.3 billion after a break of more than three years.

The ministry will announce three international bids in 28 areas in the Gulf of Suez, eastern and western Sahara, the Mediterranean Sea and the Delta, this year, he added.