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Egypt's energy sector faces challenges
Egypt, Economics, 4/3/2003
Egypt's Minister of Petroleum, Sameh Fahmi said the petroleum sector faces challenges to maintain the oil output, increase export of natural gas, achieve surplus in foreign currency, and provide job opportunities.
Speaking to Heliopolis Rotary club, the Minister highlighted the increase in domestic consumption of petroleum derivatives and natural gas.
In 1982/83, the consumption stood at 17.7 million tons, whereas in 1992/93 it reached 26.6 million tons. In 2002/03 the consumption will soar to 44 million tons at $ 9 billion.
The petroleum sector prepared a new strategy to face these challenges by increasing reserves of oil and natural gas and increasing the output to meet domestic demand and achieve a surplus for export.
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