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Egypt Working Towards Achieving Self-Sufficiency in Petroleum Sector

On Sunday, the center stated in a statement that the report contained most of the critical indicators that confirm Egypt’s trend towards achieving self-sufficiency in Petroleum products. There was an increase in foreign investments in the Petroleum sector by 5.4%. It almost reached $7.8 billion in 2019/2020. It was $7.4 billion in 2014/2015. An increase in the local investments of 90.9% was also seen.

There was also an increase in the value of exports of Petroleum products by 95%. It recorded a $3.9 billion increase in 2019/2020 compared to the $2 billion in 2014/15. Imports decreased by 53.3%, reaching $4.3 billion in 2019/2020 compared to 2014/15 when it reached $9.2 billion.

The domestic consumption of natural gas increased by 27.7%. It reached 60 million in 2019/2020 compared to the 47 billion in 2014/15. However, the domestic consumption of Petroleum products decreased by 27.6%, reaching 27.5 million tons in 2019/2020.

The most prominent praises related to this regard were monitored in a report, as Fitch praised the Egyptian Government’s efforts. The efforts of the Government to attract more investors to the oil and gas sector were praised. The Government aims at investors looking for long-term investments to get tremendous opportunities and resources in oil projects in the Egyptian market.

The World Bank also commented that the oil and gas sectors would remain major attractors for foreign direct investments. It is driven by the expansion of exploration and production agreements with international oil companies. The report also indicated that the Petroleum refining sector is pushing the economy towards growth and pointing to the prominent improvement indicators.

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