Egypt Spends Over $1.5B on Petroleum Products

Egypt spends over $1.5 billion monthly to secure local demand for petroleum products, said Minister of Petroleum Tarek El Molla, according to Reuters.

The $1.5 billion are spent on importing petroleum products and on buying the production shares of international oil companies (IOCs).

Due to the increase in global oil prices, Egypt pays between $700 million and $800 million to buy IOCs production shares, which they get through their joint ventures in the oil and gas sector, El Molla pointed out.

 

Sarah Samir 3401 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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