24 Aug 2021

The Minister of Planning & Economic Development has revealed that the government is aiming to invest EGP65bn in the petroleum sector in FY21/22. ¾ of these investments will be directed towards extraction activities, while the remaining ¼ will be invested in petroleum refining. The target for the extraction and refining of oil, gas, and other substances is to achieve a value increase of 10% based on current prices. In quantities, the targets are to produce 3.4mn cubic feet of crude oil, condensate, and butane, as well as 2.6tn cubic feet of natural gas, 4.4mn tons of petrochemical products, and 13mn tons of mineral ore.

(Source: State Information Service (English), al-Ahram (English) (Arabic), Business Today Egypt (English), Egypt Today (English), Daily News Egypt (English), al-Maal, Amwal al-Ghad, Mubasher, Akhbar al-Youm, al-Masry al-Youm, al-Watan, al-Dustour, Sada el-Balad, CNBC Arabia, al-Arabiya)