Al-Sisi discussed investment plans in the eastern and western MediterraneanYesterday (Thursday), Egyptian President Abdel Fattah El-Sisi discussed “current and future investment plans for research and exploration until 2025 in the eastern and western regions of the Mediterranean,” in an effort to consolidate the decision to demarcate his country’s western maritime borders with Libya in the Mediterranean, while the Egyptian Minister of Petroleum stressed Tariq Al-Mulla stressed that the activities carried out by his country “are carried out in accordance with the principles and norms of international law, and the United Nations conventions governing the activities of states’ management of their natural resources on the high seas.”During his meeting with Prime Minister Dr. Mostafa Madbouly and the Minister of Petroleum, Al-Sisi discussed “following up the state’s efforts for research and exploration in the field of natural gas and petroleum.” He directed “intensifying research efforts and expanding new exploration areas in pursuit of optimal economic and developmental exploitation of Egypt’s resources, and maximizing the added reserves of Natural gas in order to meet the needs of the local market and increase exports to support the national product. For his part, Al-Mulla presented during the meeting “current and future investment plans for research and exploration until 2025 in the eastern and western regions of the Mediterranean, with the participation of major international energy companies and a total investment of about $2.1 billion,” according to the presidential statement, noting that “it is expected according to the preliminary results.” The research is expected to result in promising discoveries that will support the national economy, as well as establish Egypt’s position as a regional center for energy production and trading. The official spokesman for the Egyptian presidency, Ambassador Bassam Rady, stated that the Minister of Petroleum also presented developments in the implementation of the “Soda Ash” production project in the industrial zone in the new city of El Alamein, which is carried out in partnership between the state and the private sector, with a total investment of about $500 million.

Source: Libya Today December 23, 2022 01:14 UTC