Egypt declares that it is on the way to achieving self-sufficiency in petroleum products

According to a report published by the Media Center of the Egyptian Council of Ministers, Egypt is on the path of self-sufficiency in petroleum products in 2023, after the success of achieving gas sufficiency in 2018.

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The report pointed out that the most important indicators confirming Egypt’s trend towards achieving self-sufficiency in petroleum products, represented by an increase in foreign investments in the petroleum sector by 5.4%, amounting to about $ 7.8 billion during the year 2019/2020, compared to $ 7.4 billion in 2014. / 2015, as well as an increase in local investments in the sector by 90.9%, reaching about 12.6 billion pounds in 2019/2020, compared to 6.6 billion pounds in 2014/2015.

Likewise, the value of exports of petroleum products increased by 95% to record 3.9 billion dollars in 2019/2020, compared to 2 billion dollars in 2014/2015, while imports decreased by 53.3%, reaching 4.3 billion dollars in 2019/2020 compared to $ 9.2 billion in 2014/2015.

In addition, domestic consumption of natural gas increased by 27.7%, reaching 60 billion m3 in 2019/2020 compared to 47 billion m3 in 2014/2015, while domestic consumption of petroleum products decreased by 27.6%, reaching 27.5 million Tons in 2019/2020 compared to 38 million tons in 2014/2015.

Source: Al-Ahram

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