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Gas market law will serve economic development plan: Petroleum Minister - Daily News Egypt

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Gas market law will serve economic development plan: Petroleum Minister

Norwegian oil investors are interested in available investment opportunities

The economic reform programme adopted by the government, the investment law, and the law on the organisation of the gas market will serve the economic and development plans and attract more investments and achieve sustainable development, said Minister of Petroleum and Mineral Wealth Tarek El Molla.

El Molla met with the Norwegian ambassador in Cairo to discuss aspects of cooperation in the activities of the oil and natural gas industry. He stressed that the cornerstone of Egypt’s oil sector is openness to global and regional experience and expertise in the field of oil and natural gas, including serving the labour system and the national economy. He confirmed Egypt’s ongoing commitment to the modernisation and development of the skills of the petroleum cadre and the desire for enhanced cooperation with partners to attract new investments.

The meeting dealt with the possibility of benefitting from the Norwegian experience in a programme of modernisation and development of the oil sector, given its experience in this area, in addition to the review of the successful partnership models with Norwegian companies, especially Norwegian Statoil, in research and exploration, such as the RPG Norwegian Seismic survey project in the western region of the territorial waters of the Mediterranean Sea, which is expected to contribute more to attract major global companies, as a result of the availability of necessary seismic data after the implementation of the project, in addition to the existing cooperation with a number of Norwegian companies in the field of liquefied gas.

For his part, the Norwegian ambassador stated that, from its position as an international energy market, his country appreciates Egypt’s significant reforms to the investment climate, adding that Norwegian oil investors are interested in the available investment opportunities in the areas of oil and natural gas. They also reviewed the experiences and the technologies of Norwegian companies, allowing them to expand their investments in the Egyptian oil sector.

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