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

Egyptian Media Mogul Mohamed El Amin Sentenced to 3 Years for Human Trafficking

Egyptian Streets24 May 2022

Egyptian Superstar Mo Salah Wins Premier League Golden Boot and Playmaker Award

Shereif Barakat22 May 2022

No Cases of Monkeypox Reported in Egypt: Preventive Medicine Sector

Egyptian Streets22 May 2022

Egypt Reaches Water Poverty Stage: Local Development Minister

Shereif Barakat21 May 2022

Egypt Bids Farewell to Veteran Actor Samir Sabry, Aged 85

Egyptian Streets20 May 2022

Central Bank of Egypt Raises Interest Rates by 2%

Marina Makary19 May 2022

Egypt to Open Airport Near Pyramids in July

Shereif Barakat19 May 2022

Egypt’s Vision to Increase Private Sector Investments to 65% in 3 Years

Egyptian Streets16 May 2022