Egypt’s Minister of Petroleum, Tareq Al-Mulla, has revealed that the sharp fall in the prices of crude oil in the international market will have bad effects on foreign oil companies working in the country.

« This decline is a major challenge for the foreign oil companies working in Egypt in financing investments in fields of research, exploration and speed in which oil fields are developed, with the objective of maintaining and increasing reserve, as well as the country's oil and gas production, » Al-Mulla told KUNA news.

He added that the decline will reduce oil subsidies, therefore, boost growth. Al-Mullah however, emphasized the need to cut production and exploration expenses.

Anita Fatunji