Petroleum Ministry plans 14% more investment to USD8bn in FY16/17
Egypt is planning to increase its investments in the petroleum sector to USD8bn in FY16/17 from USD7bn in FY15/16, Minister of Petroleum said El Molla said. The petroleum sector investments may reach USD30bn within the upcoming three years, he added. Last week, the Ministry of Petroleum announced the raise of the fuel subsidised prices as part of its plan to slash its total subsidy bill in the new budget by 14% to reach EGP130.1bn in FY16/17. The government is planning to cut the petroleum subsidy bill by 43.5% to reach EGP35bn and the electricity subsidy bill by 6.4% to EGP29bn in FY16/17. (Mubasher)
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.