There is no intention to move the prices of natural gas for the local industry at present, in light of the current international changes, Minister of Petroleum and Mineral Resources, Tarek El Molla, told Al-Sharq.
The minister’s comments came in an interview with Al-Sharq, on the sidelines of the “Green Trade Mission Conference” organized by the American Chamber of Commerce in Cairo.
In October 2021, the Egyptian government raised the prices of natural gas for iron and steel plants, as well as factories manufacturing cement, petrochemicals and fertilizers by $1.25 to become $5.75 per million thermal units. It also increased by $0.25 for other industries to become $4.75.
The size of the investment plan for the oil and gas sector in Egypt for the current fiscal year ranges from $7 billion to $8 billion, El Molla noted, adding that this number is highly likely to increase.