Egypt plans oil projects worth $4.5bln

Egypt plans oil projects worth $4.5bln

Egypt is planning to embark on new oil projects worth nearly 138 billion Egyptian pounds ($4.5 billion) as part of an ongoing strategy to develop its hydrocarbon industry, an Egyptian newspaper said on Monday, citing an Oil Ministry report.

The country’s 2014-2023 development strategy involved investments of nearly $61 billion and it involved upstream and downstream sectors, besides attracting more capital for exploration, Addustour quoted the report as saying.

According to the report, the strategy also focused on “turning Egypt into a regional oil and gas marketing centre.”

Projects worth EGP860 billion ($27.8 billion) have been carried out while other projects worth $11 billion are underway,” the report said.

(1 US Dollar = 30.90 Egyptian pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)

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