Egypt to pump EGP 60.6bn investments into oil, natural gas sectors during FY20/21

Egypt seeks to pump 60.6 billion Egyptian pounds investments into the development of the petroleum, natural gas, and mineral resources sector during fiscal year (FY) 2020/2021, representing about 8.2 percent of overall investments, the country’s Minister of Planning, Hala El-Saeed, said on Sunday.

The petroleum sector is the key pillar to ensure sustainable development, being the main source of energy.

During FY20/21, production at current prices is set to increase by 7.2 percent to around EGP 586.6 billion, compared to EGP 547.3 billion in FY 19/20, the minister noted.

In addition, production at fixed prices is expected to grow by 4.5  percent to stand at EGP 460.7 billion in FY20/21 from EGP 441.1 billion in the previous year.

On the other hand, Egypt seeks to export around 32 million tonnes of crude oil, gas, and petroleum and petrochemical products as part of its plan for 2020/2021.