CAIRO - 30 July 2022: During the new fiscal year 2022/2023, the government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds, an increase of 17.8 percent, according to the economic and social development plan submitted by the Minister of Planning, Dr. Hala Al-Saeed, and approved by both houses of Parliament (Representatives, Senators). At constant prices, it is expected to rise to about 675.5 billion pounds during the same period, with a slight increase of 0.6 percent. The increase in production of crude oil and natural gas at these high rates is due to the rise in international energy prices. The government targest to increase the output of the extractive sector to reach 686.9 billion pounds at current prices, compared to 575.6 billion pounds in the previous year, achieving a growth rate of more than 18.1 percent, at constant prices, to reach 581.2 billion pounds in the same period, with a slight increase of 1 percent due to the decline in the output of extractives Crude oil by 2.9 percent.

Source: Egypt Today July 30, 2022 23:45 UTC