CAIRO (Pakistan Point News / Sputnik - 12th February, 2020) Egyptian Petroleum Minister Tarek El-Molla said foreign investment in the country's oil and gas sector had amounted to $35 billion over the past four years, the fuel and energy sector provided 27 percent of the country's GDP.
"For the fiscal year 2018/2019, the contribution of the oil and gas sector to Egypt's GDP amounted to 27 percent, which is 1.4 trillion Pounds (almost $90 billion)," the minister said, speaking at the EGYPS fuel and energy industry exhibition.
"Investments by foreign companies in the oil and gas sector have reached $35 billion over the past four years, debts to foreign companies have been reduced by 80 percent, which ensured the restoration of confidence and positively influenced the increase in investments on the part of current partners and the arrival of new ones," he said.
