Egypt is targeting investments worth about $7.7 to $8 billion in the oil and gas sector, Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business on September 17th.

This announcement came as a confirmation of the recently published comment by an official at the petroleum ministry, claiming that Egypt seeks to boost investments from foreign oil companies operating in the country to around $7.750 billion in fiscal year (FY) 2022/2023.

The government is cooperating with Qatar’s QatarEnergy in the field of exploration across a number of concessions in the Mediterranean and the Red Sea, El-Molla said, noting that Egypt is looking forward to reinforcing cooperation through new partnerships.

Moreover, the minister mentioned that the expansion works for Cooperative Society Company’s (COOP) storage capacity and digitalization of filling tank trucks have been completed.

The country aims to increase the exporting rate of natural gas from the current average of $500 million a month by cutting consumption in winter and a plan to rationalize local consumption of energy, he added.

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