Egypt‘s oil industry: overview

An Egyptian delegation led by Deputy Foreign Minister Mehdi Fathallah visited Azerbaijan last week. Besides Egyptian businessmen, the delegation included the vice-president of the Egyptian National Oil Company. The delegation held meetings in Baku, including one at SOCAR. Azernews has asked Egypt's ambassador to Azerbaijan Mrs. Jihan Amin Muhammad Ali to say a few words about her country's oil industry.

"Nowadays, the Egyptian petroleum sector is witnessing many successive changes that require integrating and exerting more efforts to preserve the country's national interests, as well as keeping up with the economic development and its challenges.

The Egyptian Ministry of Petroleum has set down guidelines for a comprehensive strategy to cope with these recent changes and developments.

Numerous international companies are active in Egypt now as a result of the economic and political stability Egypt enjoys.

In 1999, crude oil production reached about 38.4 million tons versus 40.3 million tons in the previous year. The Gulf of Suez production represents 69% of total crude production, the Western Desert 17%, Sinai 7.5% and Eastern Desert 6.5%. Natural gas production in 1999 reached 13.1 million tons versus 11 million tones in the previous year.

It's worth mentioning that the Ministry of Petroleum strategy aims at preserving the most updated methods in different petroleum industry stages. It also encourages the use of harmless and clean fuels like natural gas, in addition to the tendency to enhance the petroleum products, through developing and existing refineries and upgrading its units.

The strategy also comprises participation of Egypt's private sector to undertake its responsibility, attaining and utilizing modern technology, applying the most up-to-date international techniques.

In the framework of the state's general policy, youth are the main priority of the Egyptian Ministry of Petroleum. We trying hard to avail them job opportunities in order to reduce unemployment rate and contribute to the human development seriously.

Our petroleum goals and strategies for the coming stage witness relentless work and changes in work and methods in order to keep on the march and surging towards its distinguished location on the Egyptian economic map.