Egypt is expected to export around 12 million tons of natural gas for $2 billion in fiscal year (FY) 2019/20, compared to 4 million tons exports for $589 million in FY 2018/19 budget plan, said Ayman Othoman, representative from the Egyptian General Petroleum Corporation (EGPC), according to El Ahram Gate.
This leap of natural gas exports came as the parliamentary Energy & Environment Committee approved EGPC’s budget plan for FY 2019/20 in a meeting held on May 14.
The state treasury will receive a total of EGP 91.3 billion from EGPC during the new FY 2019/20, Othoman pointed out.
The new budget plan was prepared based on the production, refining and consumption plans as well as the transportation and distribution plans. Moreover, the budget plan was estimated according to brent oil price at $68 per barrel, compared to $67 per barrel in FY 2018/19 budget, Othoman stated.