Minister of Petroleum and Mineral Resources Tarek El Molla said Sunday the volume of new investments earmarked to develop the oil companies of the public sector reached for the first time EGP 30 billion in the budget of new fiscal year 2022/2023.

The minister’s statements came as he presided over a meeting of the general assemblies of oil companies of the public sector in the presence of Minister of Local Development Mahmoud Shaarwy.

The minister presided over the general assemblies of Al Nasr Petroleum Company and Suez Oil Processing.

He described as unprecedented the volume of development of the oil sector during the past years, pointing out that the fruit of the economic reform program launched by the political leadership started to appear.

For his part, minister Shaarwy hailed the development of the oil sector which came as part of an ambitious program of the country’s modernization process.

At the end of the meeting, minister Mollah adopted the new investment budget of the two oil companies.

Source: State Information Service Egypt