Ministry of Petroleum
Egypt’s government has increased the fuel prices, marking the second rise this year with nearly LE 2 on various range of petroleum products.
The Ministry of Petroleum said in a statement on Sunday that it will disburse an amount equivalent to the value of the approved invoice for gasoline pump replacement, up to a maximum of 2000 Egyptian pounds.
The meeting also highlighted the progress of establishing a mining school in Egypt, designed to train local youth in mining skills. The school, initiated by Centamin, is scheduled to begin operations in September 2025.
The repayment schedule will follow a prearranged agreement between the government and its international partners
El Molla further disclosed that the project aims to boost the production of petroleum products by augmenting the current refining capacity from 100,000 to 160,000 barrels per day.
In terms of natural gas expansion, approximately 14 million housing units across Egypt have benefited from natural gas, with 5 million units connected in the past five years.
CAPMAS reported that Egypt's trade deficit increased by 23.8 percent in April compared to April 2022.
Fuel prices in Egypt witnessed on Wednesday an increase ranging from 75 piasters to LE 1 per liter in the local markets, as per a decision issued by the Fuel Automatic Pricing Committee, the Ministry of Petroleum said in a statement.
Sisi highlighted the importance of this vision in helping the exploration of mineral resources nationwide.
The new discovery Abu Snan oilfield is expected to reach an output of about 18 million feet of gas and 4,000 barrels of crude oil per day.
This came during his participation in the general assembly meeting of Petro Shorouk Company.
The ministry attributed the decline in the value of exports from July to Sept. to the global decline in prices, despite the 2.1 increase in quantities exported.
The ministry announced putting Silva natural gas well in phase 9B of the deep western delta area in the Mediterranean on production, at 60-80 million cubic feet/day.
Petroleum Minister Tarek El Molla said the Petroleum Ministry targets increasing the daily crude oil to reach 700,000 in the current fiscal year 2019/2020.
Sources at the petroleum sector told Egypt Today that companies applying to the tender included Shell, ExxonMobil, Statoil, Dragon Oil, Russian Rosneft and Total France.
The Ministry of Petroleum said 10 exploratory wells were dug in the Western Desert and they went online in a record time with a daily average output of 5,000 oil barrels.
The ministry said in a statement that the two wells will be put on the map of production in 2020.
Ministry of Petroleum is expected to announce new prices of octane gasoline 95 in accordance with the automatic pricing mechanism that was approved in January.
Mulla held talks talks with visiting Cypriot parliament speaker Demetris Syllouris on boosting economic cooperation between the two countries.
Egypt is witnessing a boost in natural gas production and is seeking to realize self-sufficiency, Molla said.
