Egypt eyes $7 billion in foreign direct investment (FDI) for the oil and gas sector during fiscal year (FY) 2022/23, Minister of Petroleum and Mineral Resources Tarek El Molla stated according to Reuters.

El Molla said in an interview with Al-Arabiya that the surplus in the petroleum trade balance reached $600 million in FY 2020/21, and it also recorded a positive number during the first half of FY 2021/22.

The minister further revealed that “technical problems have hindered the start of gas exports to Lebanon, and it is expected to start within two months.”

Egypt expects to start exporting 60 million to 65 million cubic feet of gas per day to Lebanon.