Egypt approves $200 million in energy projects with foreign, national companies

CAIRO: The Egyptian Cabinet said, in a statement on Tuesday, that it approved 5 projects for petroleum commitment agreements for the Egyptian Natural Gas Holding Company, the Egyptian General Petroleum Corporation, and a number of international and national companies, with expected investments of about $200 million. The agreements include 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.

The agreements 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.

Source: Emirates News Agency