The Minister of Petroleum and Mineral Resources Tarek El Molla has announced that Egypt allocated EGP 30 billion, for the first time, for new investments by the petroleum companies affiliated to the public sector in the fiscal year (FY) 2022/23 , the ministry said in a statement.

The announcement came during the general assemblies of the public companies held virtually via a video conference to approve the planning budget for the FY 2022/23 in attendance of the Minister of Local Development Mahmoud Sharawy.

El Molla highlighted the ministry’s efforts to leverage the petroleum projects efficiency in the different activities especially in developing the refineries and digital transformation  as a part of the Modernization project.

For his part, Sharawy praised the significant developments in the petroleum sector, referring to the importance of reporting such efforts to the public.

During the meeting, El Molla has approved the new investment budgets for Nasr Petroleum Company and Suez Oil Processing Company (SOPC).