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

FILE PHOTO: Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, speaks on a mobile phone near Mohamed Maait, Egypt’s Finance Minister, at Africa 2018 Forum in the Red Sea resort of Sharm el-Sheikh, Egypt December 8, 2018. REUTERS/Amr Abdallah Dalsh

CAIRO (Reuters) – 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.

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