Gulf Oil and Gas accountACCOUNT

Petroleum Ministry & IFC Sign MoU on Funding Infrastructure Projects

Source: www.gulfoilandgas.com 4/4/2019, Location: Africa

The Ministry of Petroleum signed a memorandum of understanding (MoU) with the International Finance Corporation (IFC) on funding infrastructure projects within the petroleum and natural gas sectors.

The MoU targets to support turning Egypt into a regional hub for petroleum and natural gas trade across the East Mediterranean region through boosting the infrastructure of gas activities and improving energy efficiency, as well as taking advantage of the associated petroleum gas (APG) in production fields.

It also aims at supporting the expansion of the refining and petrochemical industries by studying the possibility of participating in the planned new complex in the Alamein area, as well as contributing to the development of warehouses, pipelines and ports, and preparing training programs for young cadres.

This falls within the framework of supporting Egypt's strategy to turn into a regional hub for petroleum and natural gas trade, the ministry said in a statement.

Petroleum Minister Tarek el-Molla said that this MoU reflects the trust of the international funding organizations on the Egyptian economy, especially after the success of the economic reform program, which encouraged international organizations to enhance their strategic partnership with Egypt.

For his part, IFC Country manager in Egypt, Libya and Yemen Walid Labadi said the IFC backs Egypt's efforts to realize energy security, thorough boosting capacities, having strong energy infrastructure, provision of job opportunities, increasing the contribution of the private sector to the economy.

According to Labadi, the IFC's investments in Egypt recorded $1.5 billion during 2017/2018, noting that this contributed to providing jobs, improving the infrastructure and boosting economy.



Natural Gas News in Egypt >>

Azerbaijan >>  9/10/2019 - ENGIE, Shell, Azerbaijan Gas Supply Company (AGSC) and SOCAR have agreed on a partial transfer of ENGIE’s Shah Deniz gas supply contract to Shell Ener...
Algeria >>  9/7/2019 - Neptune Energy and Sonatrach announced first gas export production from the Touat gas development in Algeria. Touat will deliver around 75,000 barrels...

India >>  9/4/2019 - During a meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi held at the Eastern Economic Forum in Vladivostok, P...
Russia >>  9/2/2019 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Igor Dodon, President of the Republic of Moldova, took plac...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.