Cairo – Mubasher: Egypt is set to achieve self-sufficiency in petroleum products (gasoline and diesel) by 2023 after reaching self-sufficiency in gas in 2018.
Data released by the cabinet’s media centre on Sunday showed that foreign investments in the petroleum sector increased by 5.4% to $7.8 billion in fiscal year 2019/2020, compared to $7.4 billion in FY14/15.
Meanwhile, local investments in the sector jumped by 90.9% to EGP 12.6 billion in the last fiscal year, compared to EGP 6.6 billion in FY14/15.
Exports of petroleum products soared by 95% to $3.9 billion in FY19/20 from $2 billion in FY14/15, while petroleum imports declined by 53.3% to $4.3 billion in FY19/20 from $9.2 billion in FY14/15.
Moreover, local consumption of natural gas grew by 27.7% to 60 billion cubic metres in FY19/20, compared to 47 billion in FY14/15, while local consumption of petroleum products declined by 27.6% to 27.5 million tonnes in FY19/20 from 38 million in FY14/15.
Gasoline output rose by 13.6% to 5 million tonnes in FY19/20 from 4.4 million in FY14/15, whereas diesel production grew by 20.8% to 9.3 million tonnes in FY19/20, compared to 7.7 million in FY14/15.
