Petroleum Ministry revenues to rise by LE 4.2B in FY2017/18

CAIRO- 24 May 2017: Petroleum Ministry revenues expected to record a L.E 4.2 billion ($232.36 million) increase to LE 9.1 billion during fiscal year 2017-2018 (to start July 1), according to a Wednesday statement.

The ministry’s spending is also projected to rise by L.E 1 million to L.E 60.5 million, up from L.E 59 million during the current fiscal year.

The expenditure will comprise of L.E 528,000 targeted to workers’ compensation and wages compared to L.E 802,000 spent in the current fiscal year, L.E 32,000 targeted for services and commodities in 2017-2018 compared to L.E 29,000; while non-financial assets is expected to register L.E 60 million.