Cairo – Mubasher: Egypt's petroleum and mineral resources minister on Tuesday confirmed that there will be some $30 billion worth of investments in the next three to four years in Zuhr, North Alexandria, and Atoll oilfields.

Speaking at an event by the British Egyptian Business Association (BEBA), Tarek El-Molla said that the investments come despite the concerns and conditions seen in global oil markets and fluctuations in oil prices.

The quick development of these oil and gas fields, as well as imports of liquefied natural gas (LNG), has helped avoid a shortage in electricity over the past two years, the minister said according to a statement.

The new projects are set to boost natural gas production in order to reach self-sufficiency within the next two years.

Around $14 billion in investments will be directed to refinery and petrochemical projects over the next five years, the minister said, noting that two of the largest petrochemical complexes have been opened at $4 billion in investments.

Reforms in Egypt's energy sectors over the past three years have been fruitful as the petroleum sector signed 76 exploration deals, including $15.3 billion in spending commitments and 319 wells to be dug as a minimum, he added.