The Egyptian Ministry of Petroleum aims to increase the investments of foreign oil companies operating in the country to about $ 7.750 billion during the current fiscal year 2022-2023.
Based on these figures, foreign oil companies' investments in Egypt are expected to increase by about 35%, compared to the previous fiscal year, during which investments amounted to $ 5.750 billion.
Foreign companies engaged in oil and gas exploration and production activities in Egypt include Britain's BP, Dutch Shell and Italy's Eni.
Officials of foreign companies operating in Egypt say their companies are making investments in the oil sector and are recovering the money they spent by acquiring a percentage of production from oil and gas fields.
Egypt is striving to increase oil and gas production to increase its gas exports and boost its hard currency resources, as it seeks to transform into a regional energy hub in the region.
'The bill for subsidizing petroleum materials in the final account of Egypt's budget for 2021-2022 amounted to EGP 59 billion', which means an increase in the subsidy bill by about 212% compared to 2020-2021, which recorded EGP 18.9 billion.
Egypt annually consumes about 12 million tons of solar and about 6.7 million tons of gasoline, and the Egyptian government aims to reach the subsidy of petroleum materials in the budget of the current fiscal year to about 28 billion pounds.
