The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla,  stated that “the investments of current fiscal year [2016/2017] are estimated to be $8b, and [it is] expected to further increase,” Egypt Oil&Gas reported, citing the Minister’s remarks during the EGYPS 2017 press conference held in the headquarters’ of the Egyptian Natural Gas Holding Company (EGAS).

Furthermore, El Molla commented on the prices of petroleum products in the Egyptian market saying that this “depends on three factors; global Brent price, USD exchange rates, and the market’s consumption.” The minister added that the government “cannot announce next fiscal year prices because Brent prices and USD exchange rates are unstable” and the Egyptian government is not one of the players deciding on the global prices.

El Molla further explained that the ministry is committed to paying international oil companies (IOCs) outstanding arrears and pointed out that the debt has not increased from $3.5b since December 2016, which confirms that the government is paying the monthly installments regularly.