CAIRO – Egyptian Minister of Petroleum and Mineral Resources Tareq el Molla has underscored the need to increase local production rates of crude oil and natural gas to alleviate the impact of petroleum price hikes worldwide.
The minister had a meeting with officials on Friday to review plans and efforts to increase petroleum wealth, according to a statement issued by the Petroleum Ministry.
Molla underscored the need to cut oil imports to ease burdens and rationalize the spending of foreign currency.
The minister also directed to expedite implementation of different projects aiming at increasing crude oil production to positively deal with global challenges.
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