Egypt’s oil and gas sector rose to $10 billion in the 2017-2018 financial year

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By: Middle East Affairs

Petroleum Minister Tarek El Molla said in an interview with state-run Al Ahram newspaper said: “Foreign investment in Egypt’s oil and gas sector rose to $10 billion in the 2017-2018 financial year.”

Egypt’s fiscal year runs from July to June, that is up by about a quarter from 8.1 billion in the earlier year. El Molla was cited by the paper as saying he expected a similar volume of interests in the current monetary year. Egypt’s financial year keeps.

A month ago, “the generation limit of Egypt’s mammoth Mediterranean Zohr gas field remained at 1.6 billion cubic feet daily and would achieve 2 billion by September,” Italian oil company Eni said.

It should be noted that Egypt intends to wind up a local center for the exchange of condensed flammable gas after a string of real revelations in the Mediterranean that are relied upon to make Egypt independent in gas before the finish of 2018.

Read more >>EGYPT’S ECONOMY TO GROW 5.2 PERCENT IN FY 2018-19 – ECONOMISTS

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