Cairo – Mubasher: Egypt plans to hike its investments in the petroleum sector to $8 billion with the fiscal year 2016 – 2017, said Tareq El Molla, Minister of Petroleum.
“The county’s investment in the petroleum sector amounted to $7 billion in FY 2015 – 2016 and we looks forward to increase it by 14% in FY16/17,” said El Molla on the side line of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016.
The petroleum sector investments may reach $30 billion within the upcoming three years, added El Molla.
Last week, the petroleum ministry announced the raise of the fuel subsidized prices as a part of its plan to slash its total subsidy bill in the new budget by 14%to reach EGP 130.1 billion in the 2016/17 fiscal year compared to the current fiscal year to end in June
The government plans to trim the petroleum subsidy bill by 43.5% to reach EGP 35 billion and the electricity subsidy bill by 6.4%to EGP 29 billion in 2016/17 due to the falling in the global oil prices.
