Al-Hamra port has increased the petroleum trade and exports by 1 million barrels per day (mmbbl/d) at an estimated cost of $100 million, Hamdy Abdel Aziz, the official spokesman of the Ministry of Petroleum and Mineral Resources, told Sada El-Balad.
Abdel Aziz revealed the information in light of Al-Hamra Port inauguration, stating that the port’s strategic location is an essential aspect of exporting petroleum products. He added that two warehouses are also being constructed at the port to increase storage capacity and are valued at $60 million.
The spokesperson added that the ministry will soon sign 12 exploration and production (E&P) agreements in the Western Desert, the Red Sea, and the Mediterranean valued at more than $1 billion and a signature bonus of $19 million. Of these agreements, eight are with the Egyptian Natural Gas Holding Company (EGAS).
It should be noted that Egypt’s natural gas production is estimated at around 7 billion cubic feet per day (bcf/d) whereas its crude production is estimated at 650,000 barrels of oil per day (bbls/d).