Egypt's Petroleum minister Tareq El Mulla
Egypt's Petroleum Minister Tarek El-Molla said that there has been a spike in the country's production of natural gas, which reached its highest level in September at hitting 7.2 billion cubic feet per day, a record production rate.
During the first day of 10th International Conference and Exhibition for the Mediterranean Countries (MOC) on Tuesday, the minister said that the volume of investments in the oil sector during the past five years amounted to $30 billion.
The minister stressed that the achievements and reforms implemented over the past five years have made Egypt a top destination for major international investors, pointing out that the petroleum sector has distinct investment opportunities.
El-Molla confirmed that the Egyptian oil industry achieved the highest participation rates in the GDP by about 30 percent and in foreign direct investments by about 50 percent.
The MOC, which is being held at the Bibliotheca Alexandrina on 15 to 17 October, is being attended by the heads of international petroleum companies.
The exhibition, held on the sidelines of the conference, will host more than 350 local, Arab and international exhibitor companies from 24 countries to display their activities and the latest technologies used in the oil and gas industry.