This is instead of previous expectations ranging from $7.7 to $8 billion, which El Molla had previously announced in a $1 billion increase.
Petroleum and Mineral Resources Minister Tarek El Molla stated that it increased targeted investments in the petroleum sector to reach $8.5 to $9 billion until the end of the current fiscal year.
This is instead of previous expectations ranging from $7.7 to $8 billion, which El Molla had previously announced. This marks a $1 billion increase, the minister announced this in an interview with Asharq Business during the inauguration of ADNOC’s first fuel service station in Maadi.
ADNOC's station had investments amounting to EGP 50 million and provides 250 direct and indirect job opportunities.
Al Kaabi said that ADNOC’s entry in Egypt is an extension of the strategic partnership between the UAE and Egypt, stressing that the number of Emirati companies operating in Egypt is 1,730 companies in various economic fields.
The new station represents the first investment of ADNOC in Egypt in the field of marketing and distributing petroleum products in the local market through its new partnership with Total Energies Marketing Egypt.