The petroleum sector’s fuel exports’ total value exceeded $600 million, according to Abed Ezz El Regal, the Egyptian General Petroleum Corporation (EGPC) CEO, Amwal Al Ghad reported.
Ezz El Regal added that the crude oil exports value reached $153 million a month while the total petroleum products’ exports value was $265 million.
He pointed out that the sector exports large amounts of coal per month with a value that varies between $4 and $6 million. However, the sector is currently working on doubling the fuel exports to increase the foreign exchange earnings of crude oil and its derivatives.
He also stated that the fuel imports almost reached $835 million a month due to the high market demand, especially of fuel and butane, that cannot be fulfilled by local production, while the monthly petroleum products imports value reached $620 million and crude oil $155 million.