Egypt aims to position itself as a hub of the energy sector in the Middle East. Along with its efforts in gas, the country wants to continue supporting the growth margin of its oil industry.
In Egypt, the Ministry of Petroleum and Mineral Resources announced on January 19 that 9.5 billion dollars of financing will be allocated to improving the country’s oil production. According to Tarek Al Mulla, Minister of Petroleum and Mineral Resources, these funds will mainly benefit the Assiut oil refining company as well as the one responsible for managing the country’s oil pipelines.
“ These funds will be allocated to improve the efficiency of the production system by providing modern equipment ”, commented the ministerial authority during a meeting of the general assembly of the two companies.
Furthermore, Al Mulla pointed out that the allocation of this budget will allow Egypt to continue and complete the process of digitization of the oil industry. It is an operation that aims to upgrade and modernize the country’s oil sector.
In the last quarter of 2021, national oil production posted 550,000 barrels per day.