Saturday, December 04, 2021

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Egypt expands its oil and gas industry

Egypt expands its oil and gas industry

Cairo, Aug 24 (Prensa Latina) Egypt plans to produce 3.44 million cubic feet of crude oil, condensate and butane and 2.6 billion cubic feet of natural gas in the current fiscal year 2021-22, The Ministry of Planning reported on Tuesday.
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It further said that the country is also expected to produce 4.37 million tons of petrochemical products and 13 million tons of various minerals.

According to the report, this North African nation will invest 65.3 billion Egyptian pounds (about 4.1 billion dollars) in the oil sector during the current fiscal year, which began on July 1.

Of this figure, 48.7 billion pounds (3.1 billion dollars) will be allocated to extraction activities and the rest to expanding refining capacities, the document detailed.

The head of this portfolio, Hala El Said, stressed that the objective is to secure the country’s oil needs, maximize the sector’s contribution to national income and turn Egypt into an energy trading center.

Earlier this month, the sector’s minister, Tarek El Molla, revealed that Egypt is developing five major petrochemical projects with a total value of $14 billion.

He highlighted that among them stand out the expansion plan of the Midor refinery, in the northern city of Alexandria, and the Red Sea Petrochemical Complex, in the Suez Canal Economic Zone.

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