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.