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El Sisi Orders Expansion of Oil & Gas Exploration

Source: www.gulfoilandgas.com 9/8/2019, Location: Egypt

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President Abdel Fattah El Sisi met with Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mohamed Shaker Al Marqabi, Minister of Petroleum and Mineral Resources Tarek El Molla and Minister of Finance Mohamed Moait.

During the cabinet meeting, the President directed to expand the plans of research and exploration, in addition to focusing on oil and gas infrastructure projects, in order to achieve the optimum economic utilization of all potentials and natural resources, in an effort to transform Egypt into a regional center for trade and trading of oil and gas in the region.

The Minister of Petroleum reviewed the strategy of the Ministry, within the framework of the State's policy to meet the needs of the domestic market of petroleum products and reduce the gap between production and consumption, through the development of a plan that includes current and long-term measures to develop the system of trading petroleum products, as well as Expansion of infrastructure projects to cope with the growing demand for petroleum products in the local market. The Minister also presented the electronic system for monitoring the circulation and distribution of petroleum products, in order to ensure data governance and prevent the manipulation of petroleum products and their use for purposes other than those allocated to them.

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