Sameh Fahmi : Fossil fuel revenue up by $6 billion

The Egyptian fossil fuel industry has provided the local market with petroleum, natural gas and petrochemical products estimated at US$46 billion over the last five years.

This is US$6 billion rise on the previous five years, the Minister of Petroleum, Sameh Fahmi, announced in the Shura Council session yesterday.

Petroleum exports in particular are increasing, rising from one to four billion dollars, said Fahmi. Commenting on the ministry's strategy, he noted that natural gas exports would not exceed one-third of the reserve, this being to maximize the economic revenue achieved.

Fahmi also referred to the project of transporting natural gas to all governorates. This would be implemented over the 11 next 20 years.

Furthermore, a holding company for petrochemicals and refining would be established, though run as four separate entities a refining company, a petrochemical company, a power generation company, and a company responsible for imports and exports, Fahmi added.