The Ministry of Petroleum aims to increase Egypt's oil exports by the end of the current fiscal year to 8.5 billion dollars, compared to 7.7 billion during the last fiscal year.
Governmental sources confirmed that the total quantities targeted for export of crude oil, gas, petroleum products and petrochemicals amounted to 17.7 million tons. Sources added that the value of exports includes the foreign partner's share of crude oil, on the basis of calculating the average price of the Gulf of Suez crude at $ 55 a barrel due to lower prices for crude oil and petroleum products.
The Holding Company for Natural Gases (EGAS) started to increase the quantities of natural gas exported through the "Edco" plant to liquefaction to about one billion cubic feet per day compared to 300 million feet during the past month.
A source in the oil sector said that the quantities of gas exported through Edco for liquefaction increased with the stability of gas prices in the global markets, after he faced a strong decline in the prices of importers because of the increase in supply during the last period.
He pointed out that Egypt's total natural gas exports increased to about 1.29 billion cubic feet per day during the current fiscal year, which contributes to increasing the state's treasury revenues from oil exports.
The source added, that Egypt's production of natural gas rose to 7 billion cubic feet of gas per day during the current fiscal year, compared to about 6.5 billion feet in the last fiscal year.
He said that the quantities of the most concentrated crude are exported to global markets through Sumed warehouses because of its high price, and because Egyptian factories do not need it, and import less concentrated crude shipments, which achieves a state return from the price difference between the shipments, in addition to exporting naphtha and some petroleum derivatives.
Government sources have estimated investments directed to the oil and natural gas sector during the current fiscal year at 10.633 billion dollars, a growth of 15% over the last fiscal year.
The sources said that the investments of foreign partners account for the largest share by about 10.027 billion dollars, equivalent to 94.3% of the total investments of the oil sector during 2019-2020.
The source added that the investments of public sector companies and bodies amounted to 606 million dollars during the current fiscal year, representing about 5.7% of the total investments of oil and natural gas.
Source : Alborsa News