Egypt's oil minister says foreign investments down 26% to $5.4bln in 2020-21

"The coronavirus crisis led to a slowdown in investments from international oil companies worldwide," Tarek El Molla said

  
Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, speaks at the third East Mediterranean Gas Forum (EMGF) meeting which is hosted by Egypt and brings together Cyprus, Greece, Israel, Italy, Jordan and the Palestinians in Cairo, Egypt January 16, 2020.

Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources, speaks at the third East Mediterranean Gas Forum (EMGF) meeting which is hosted by Egypt and brings together Cyprus, Greece, Israel, Italy, Jordan and the Palestinians in Cairo, Egypt January 16, 2020.

REUTERS/Shokry Hussien

CAIRO- Egypt's oil minister said on Sunday that foreign investments in the sector fell 26.02% to $5.4 billion in the financial year 2020-21, versus $7.3 billion a year earlier.

"The coronavirus crisis led to a slowdown in investments from international oil companies worldwide," Tarek El Molla said in a speech to the Egyptian Petroleum Association.

(Reporting by Ahmed Ismail; Writing by Ahmad Elhamy; Editing by Jan Harvey) ((ahmad.elhamy@thomsonreuters.com; +201023399104; Reuters Messaging: ahmad.elhamy.thomsonreuters.com@reuters.net))


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