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Oil sector revenues reach US $600m
Egypt, Economics, 6/7/2003
The Egyptian government is currently studying setting up private sector companies to prospect for oil in the Egyptian territories, official economic sources said yesterday.
The energy sector performed best in the third quarter of the current fiscal year (January to March 2003).
Minister of Oil, Sameh Fahmi, briefed President Hosni Mubarak on the latest oil revenue estimates at a recent expanded ministerial meeting.
The current fiscal year revenues are $600 million, increasing to $800 million in 2003/2004. Revenues are then expected to rise from $1 billion in 2004/2005 to $1.8 billion in 2006/2007.
In other developments, at a meeting held recently at the National Planning Institute, economists requested. a reduction in interest rates to decrease the cost of capital and provide more funds for investment projects.
Previous Stories:
New petrochemicals complex in northern Delta
(6/2/2003)
Japanese market promising for Egyptian exports
(5/31/2003)
Egypt: shortage in water resources
(5/29/2003)
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