(Ecofin Agency) - Total has announced plans to invest $100 million in Egypt in the next five years and also invest more amounts on filling stations, as part of plans to open 10 facilities annually.
According to the company’s Senior Vice President for Africa, Stanislas Mittleman, Total recently invested huge amounts in Borg El Arab factory for lubricant and exported part of its production to Jordan, Lebanon and other African countries.
Mittleman had met with the Egyptian Minister of Petroleum, Tarek El Molla, together with Total’s Managing Director in Egypt, Ian Lepetit, in order to outline the company’s projects in Egypt. El Molla noted that Total is a leading company in Egypt in the areas of marketing petroleum products, setting up filling stations, and manufacturing lubricant.
He also noted that Total is investing in Egypt’s natural gas exploration and discoveries.
The company entered into an agreement in 2015 to explore in Delta Nile via a tender that had been launched by the Egyptian Natural Gas Holding Company (EGAS), Egypt Oil & Gas reports.
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