Minister of Petroleum and Mineral Resources Sherif Ismail said the ministry is adopting a new strategy that aims to tackle energy shortages and encourage the private sector to invest in new projects with an estimated cost of US$10.9 billion.
Speaking on Tuesday to a forum organized by the American Chamber of Commerce and the US-Egypt Business Council, which was attended by 170 American businessmen representing 68 major companies, Ismail said the government is adopting a program that aims to achieve sustainable economic development and improve the quality of life for its citizens.
The minister added that 36 new oil and natural gas concessions have been signed since November 2013 for $2 billion to drill 153 new wells, in addition to other projects worth $12.9 billion.
Edited translation from Al-Masry Al-Youm
