The investments will include a distribution of EGP 48.7 billion for extraction activities, at a rate of 75%
The petroleum sector is set to receive new state investments worth EGP 65.3 billion for the current fiscal year 2021/2022, which is the fourth and final year of Egypt’s medium-term plan for sustainable development (2018/2019 - 21/2022), states Minister of Planning and Economic Development (MPED) Hala El-Said.
The investments will include a distribution of EGP 48.7 billion for extraction activities, at a rate of 75%, and around EGP 16.6 billion for petroleum refining activities, at a rate of 25%.
The report on the objectives of the petroleum and mineral resources sector, reviewed by El Said, revealed an increase in production in the extractive sector (crude oil, gas, and other extractions) and the petroleum refining industry by 10% at current prices to about EGP 1.31 trillion in the year 2021/2022.
Extractive activities and oil refining output is currently estimated to be worth EGP 710 billion at current prices in the year of the plan, compared to EGP 642.5 billion expected in 20/2021, achieving a growth rate of 10.5%, states an official MPED statement.
El Said emphasized that the sector is a main pillar of economic growth, a major supplier in supporting Egypt’s energy needs, and “contributes positively and directly to meeting the requirements of sustainable and comprehensive economic development plans adopted by the Egyptian state”.
The 2021/2022 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 ministry’s development vision for the petroleum sector is to secure Egypt’s petroleum product and materials needs to keep pace with the requirements of sustainable development, maximize the petroleum sector’s contribution to the national income, and transform Egypt into a strategic center for energy trading.
