It further said that the country is also expected to produce 4.37 million tons of petrochemical products and 13 million tons of various minerals.

According to the report, this North African nation will invest 65.3 billion Egyptian pounds (about 4.1 billion dollars) in the oil sector during the current fiscal year, which began on July 1.

Of this figure, 48.7 billion pounds (3.1 billion dollars) will be allocated to extraction activities and the rest to expanding refining capacities, the document detailed.

The head of this portfolio, Hala El Said, stressed that the objective is to secure the country’s oil needs, maximize the sector’s contribution to national income and turn Egypt into an energy trading center.

Earlier this month, the sector’s minister, Tarek El Molla, revealed that Egypt is developing five major petrochemical projects with a total value of $14 billion.

He highlighted that among them stand out the expansion plan of the Midor refinery, in the northern city of Alexandria, and the Red Sea Petrochemical Complex, in the Suez Canal Economic Zone.

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