Petroleum and petrochemical products grew by 42.5% last year, to reach $5.7 billion, compared to $4 billion in 2020
Egypt’s natural gas and liquefied natural gas (LNG) export revenues jumped by 98% in the first 4 months of 2022 to hit $3.892 billion, according to Ministry of Petroleum and Mineral Resources data seen by Reuters.
According to the data, the value of Egypt's natural gas exports increased during 2021 by 768.2% to reach $3.959 billion, compared to $456 million in 2020.
Egypt’s oil exports also saw a significant jump last year, recording a 84.3% growth and recording around $13 billion in revenues compared to 2020’s $7 billion.
Petroleum and petrochemical products grew by 42.5% last year, to reach $5.7 billion, compared to $4 billion in 2020.
In general, the government has been launching initiatives and signing agreements to improve its oil production and exports, as well as its oil exploration efforts.
In December 2021, Egypt signed a new agreement with the American company Apache to invest a minimum of $3.5 billion in research, exploration, development and production in the concession areas in the Western Desert of Egypt.
Within the same month, Egypt inked an agreement with Italian company Eni, in which Eni committed at least $1 billion in investments for oil exploration and exploitation in the Gulf of Suez and Nile Delta as well as an additional $20 million to drill 4 new wells.
