Egypt’s petroleum sector excluded from rationalization of USD spending decision
Updated 2/3/2023 11:29:00 AM
Arab Finance: The Egyptian petroleum sector’s projects are excluded from the government decision to rationalize dollar spending on investments, Minister of Petroleum and Mineral Resources Tarek El-Molla said to an exclusive interview with CNBC Arabia.
The ministry has started amending the legislative framework and laws regulating the mining sector in Egypt since 2018, the minister added, noting that bids have been launched accordingly to attract new investments.
Around 8.5 million tons of liquefied natural gas (LNG) were exported in 2022, the minister said.
He also pointed out that the government seeks to increase the volume of export by raising production, gas consumption, and imports from Eastern Mediterranean countries.
Egypt's revenues from natural gas exports are expected to exceed $8.5 billion in 2022, El-Molla added.
“We highly focus on gold and relevant bid offers,” he said.
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