Minister of Petroleum and Mineral Resources Tarek El Molla announced that the sector’s contributions to community development have reached EGP 2 billion over the past five years.
This came during a meeting hosted by the Canada Egypt Business Council. Among the attendees were petroleum leaders, members of the House of Representatives, as well as former ministers.
El Molla stated that a new strategy is being developed with the aim of encouraging the increased participation of the petroleum sector and its partners in community development activities.
This strategy is based on six main pillars: education, training, economic development, health, environment, and gender equality. In addition, it promotes the sector’s participation in presidential initiatives, such as Haya Karima.
Most importantly, the minister referred to the establishment of a higher committee, which aims to unify and coordinate the development efforts of oil companies.
Highlighting the sector’s great contribution, El Molla mentioned several corporate social initiatives. For example, Eni allocated EGP 320 million for the development of a medical center and technology school in Port Said. Starting in 2019, Wintershall Dea adopted a campaign to restore homes in the Disouq.
Furthermore, Shell improved the standard of living of citizens in the Western Desert and Matrouh regions by providing job opportunities and educational programs.
In order to attract more foreign investments to the oil sector, El Molla stressed the importance of the demarcation of the maritime borders with neighboring countries.