Net foreign direct investment (FDI) in the oil sector rose by 135% in fiscal year (FY) 2016/2017, according to the Central Bank of Egypt (CBE).
Net FDI in the oil sector increased to $4 billion in FY 2016/2017 from $1.7 billion in FY 2015/2016. This $4 billion accounts for 50% of the $7.9 billion of net FDI that Egypt received.
Egypt made $2.2 billion in arrears payments to international oil companies (IOCs) in the first six months of 2017, according to Amwal Al Ghad.
Egypt continued to be a net importer of petroleum products with exports of $6.5483 billion and imports of $11.1967 billion, according CBE’s figures. This negative trade balance resulted in net imports of $4.6484 billion worth of petroleum products, a 28% increase from the $3.6193 billion worth of net petroleum imports in FY 2015/2016.