ArabFinance: The Egyptian energy sector is expected to attract investments ranging between $7 billion and $8 billion in the current fiscal year, Minister of Petroleum and Mineral Resources Tarek El-Molla Told Al Arabiya.

These figures are under auditing by international companies due to differences between the fiscal year in Egypt which starts in July and ends in June, and the financial year in these companies which starts in January and ends in December, El-Molla said.

The minister noted that changes in global oil prices call for more investment plans, adding that the government is focusing on maximizing capitalization on natural resources through agreements signed with foreign companies.

The Ministry of Petroleum is seeking to boost oil output after the recent decline caused by a drop in prices and the Covid-19 crisis, El-Molla commented.

"Thus, we would be able to tackle shortages and narrow the gap between the local production and consumption," he maintained.

Earlier in May, Prime Minister Mostafa Madbouly revealed that Egypt’s oil imports surged to $11.2 billion in 2022 from $6.7 billion the year before.

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