Cairo – Mubasher: The Egyptian Minister of Planning and Economic Development, Hala El-Saeed, reviewed the objectives of the petroleum and mineral resources sector for fiscal year (FY) 2021/2022 as part of the medium-term sustainable development plan between FY18/19 and FY21/22.
Target investments in the petroleum sector for FY21/22 are seen at EGP 65.3 billion, including EGP 48.7 billion in extraction activities and EGP 16.6 billion in the petroleum refining sector, El-Saeed said in a statement on Monday.
The ministry's plan includes increasing the extraction and petroleum refining production by 10% year-on-year (YoY) to EGP 1.31 trillion at current prices in FY21/22 and the output by 10.5% to EGP 710 billion at current prices in the year of the plan, compared to EGP 642.5 billion in FY20/21.
The country also plans to produce nearly 3.44 million cubic feet of crude oil, condensates, and butane, around 2.6 trillion cubic feet of natural gas, 4.37 million tonnes of petrochemical products, and 13 million tonnes of mineral ores.
