Fahmy: Oil exports hit $4.2 billion in (FY) 2003/2004

Petroleum exports are expected to reach 27 million tons in the fiscal year (FY) 2004-2005, Egypt's Minister of Petroleum Sameh Fahmy said yesterday.

More than 18.5 million tones of petroleum products worth $4.2 billion were exported in FY 2003-2004, and exports are expected to reach the 45 million tones mark by the 2010, Fahmy added.

"Egypt's petroleum sector has tremendous investment potential, and foreign investment in oil and gas exploration was at an all-time high during the last fiscal year," the minister said.

The Minister added that (FY) 2003/2004 witnessed a leap in foreign investments inflow in prospecting for oil and gas and promoting the productive fields.