RIYADH: Egypt has allocated total investments of 65.3 billion Egyptian pounds ($4.1 million) for the petroleum sector in the current fiscal year 2021/2022, Ahram online reported citing Minister of Planning and Economic Activity Hala El-Said on Monday.
The total allocation includes 48.7 billion Egyptian pounds for extraction activities and about 16.6 billion Egyptian pounds for petroleum refining activities, at a rate of about 75 percent and 25 percent respectively, according to El-Said.
A report reviewed by El-Said indicated a 10 percent increase in production in the extractive sector and the petroleum refining industry, to about 1.31 trillion Egyptian pounds in the fiscal year 2021/2022. The output of extraction activities and oil refining is estimated at about 710 billion Egyptian pounds at current prices in the year of the plan, compared to 642.5 billion Egyptian pounds expected in the fiscal year 2020/2021, achieving a growth rate of 10.5 percent.
The fiscal year 2021/22 plan includes the production of about 3.44 million cubic feet of crude oil, condensate, and butane, about 2.6 trillion cubic feet of natural gas, 4.37 million tons of petrochemical products, and 13 million tons of mineral ores, the report revealed.
The petroleum sector’s strategic objectives are securing the local market’s needs for petroleum products, petrochemicals, and mineral resources in line with the targeted economic growth rates, El-Said said.
The report also touched upon accelerating rates of implementation of gas delivery projects to homes to maximize the benefit of all citizens and regions from natural gas supplies.