In a Ministry of Petroleum statement released on November 10, Tarek El Molla, Egypt’s petroleum minister, said the country was looking to attract an estimated $10 billion in new investments during the current fiscal year.

The funds will be used in the search for oil and gas and to further the development of discovered fields.

According to the El Molla statement, demand from major international companies represent a clear message on the confidence of foreign companies in the improving investment climate in Egypt, due to the reforms the government has been implementing.

Source: Petroleum Africa