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Petroleum Ministry to resolve disputes with Israel and Spain

Tuesday 05 February 2019 01:36 PM

Minister of Petroleum Tarek El Molla
Minister of Petroleum Tarek El Molla

There are negotiations with the Israeli side and Spain’s Union Fenosa because of international arbitration cases brought by them to settle any disputes as Egyptian gas supplies to them have been stopped, according to an official at Egypt’s Ministry of Petroleum.
In statements to the Cairo-based economic daily Al-Mal, Minister of Petroleum Tareq El-Molla said that there is no specified time to finalize the settlement of disputes and international arbitration cases, adding that there are ongoing negotiations to settle all disputes.
On the sideline of his participation in the Egyptian-German Business Forum, El-Molla said that mineral resources law is being debated in the parliament, adding that it is sought to be enacted to attract more foreign companies operating in mining, especially in gold mining.
He pointed out that amendments to mineral resources law of 2014 have witnessed a strong community participation by experts, specialists, investors and state stakeholders in order to stimulate investing and create a favorable climate in mining sector to brought new investments in accordance with global models.