Cairo – Egypt has allocated EGP 30 billion to develop public oil companies, as part of the fiscal year (FY) 2022/2023 budget, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated.

El-Molla said that the Ministry seeks to raise efficiencies of the petroleum sector's projects, particularly in the refining industry, and accelerate the digital transformation.

This announcement was made during the general assemblies of public-sector oil companies to adopt planning budgets for FY22/23.

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