Egypt is expecting foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year, Petroleum Minister Tarek El Molla said. According to Molla, Egypt expects foreign investments to total the same amount for the current fiscal year, marking a 25 percent increase from the previous year. Earlier this year, British Petroleum announced an investment of over $1 billion in the country. Cairo has pledged to eliminate arrears owed to foreign oil companies by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to the energy sector. The country also hopes to stop importing foreign oil and gas entirely by 2019, according to Reuters.

Source: The North Africa Journal April 23, 2018 11:37 UTC