Egypt's oil, gas, petrochemical exports hit $ 1.3 billion

Egyptian oil exports, including petrochemicals and natural gas, reached US$ 1.3 billion in the first quarter of the 2004- 2005 fiscal year, said Minister of Petroleum Sameh Fahmi.

Three new natural gas sites were discovered and other 13 new oil wells were drilled to add 84 million barrels to the Egyptian oil production, he added.

The oil experts have managed to fix the daily oil production rate at an average of 700,000 barrels, the Minister noted.

The remarks were made following an economic report from the Egyptian General Petroleum Corporation on the Egyptian oil production.

The report showed that revenues of supplying foreign airplanes and ships hit around $222 million during the same period, and that expenditures of oil companies working in Egypt reached $600