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Petroleum sector contributes 24% to Egypt's GDP

Petroleum sector contributes 24% to Egypt's GDP
Minister of Petroleum and Mineral Resources, Tarek El-Molla

Cairo – Mubasher: Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that the legal and legislative reforms carried out since 2014 have managed to rebalance and stabilise the sector amid the challenges that impacted investments since 2011.

More than 60 international companies are currently operating in the oil and gas sector in Egypt, El-Molla added in a statement on Tuesday.

In 2020, the petroleum sector contributed about 24% to the country’s gross domestic product (GDP).

In 2018, Egypt launched an initiative to hold strategic talks with East Mediterranean countries which led to the establishment of the East Mediterranean Gas Forum (EMGF) in a bid to develop a sustainable regional natural gas market.