News

Total to Invest USD 500 Million in Egyptian Economy, Create 2500 New Jobs

Total to Invest USD 500 Million in Egyptian Economy, Create 2500 New Jobs

total

French oil and gas company Total will be injecting USD 500 million worth of investments into the Egyptian economy, which is expected to create 2500 new jobs, according to privately-owned Al-Mal.

Speaking at the inauguration of one of its new service stations along the Autostrad highway, Jérôme Déchamps, Total Marketing & Services’ Executive Vice President for North Africa and the Middle East, said that the new investments will be introduced during the next three to five years.

He added that they are intended to contribute to the strengthening of the Egyptian economy.

In his remarks, Déchamps stressed that, despite the political and economic turmoil that Egypt has experienced in the past few years, Total has maintained its commitment to investing in the country.

Total employs up to 1700 workers in Egypt at the moment, while approximately 7000 more are indirectly working for the company, he went on to say.

Total Egypt is a subsidiary of Total created in 1998. The company is active throughout the entire oil product distribution sector, “with general sales, lubricants, marine and aviation activities as well as a retail network,” according to its website.

In recent years, Total has sought to expand its operations in several countries in order to become the largest gasoline retailer in Africa. The company has exerted intensive efforts in oil and gas exploration, focusing on emerging markets where energy demands are on the rise.

Egypt's President Sisi Urges Media to Not Speculate on EgyptAir Crash
Pope Francis Offers Condolences to Families of EgyptAir Crash Victims

Subscribe to our newsletter


News

More in News

Egypt President Ratifies Minimum Salary Increase for Government Employees

Egyptian StreetsJune 24, 2018

Alexandria to Launch Private Beaches For Tourists Only

Jana Bou MatarJune 24, 2018

Controversial Chechen Leader Grants Mohamed Salah Honorary Citizenship

Nancy AmmarJune 24, 2018

Ethiopian Prime Minister Escapes Assassination Attempt

Egyptian StreetsJune 23, 2018

World Mourns Egyptian Credited With Inventing HPV and Rotavirus Vaccines

Sara AhmedJune 23, 2018

Egypt To Completely End Fuel Subsidies by 2019

Marwan ShalabyJune 21, 2018

Refugee Displacement Reaches an All-Time High with Two People Displaced Per Second

Merlyn ThomasJune 21, 2018

Saudi Arabia Loses Match to Uruguay: Egypt Will Not Continue in World Cup

Egyptian StreetsJune 20, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.