The Ministry of Petroleum and Mineral Resources plans to boost petroleum exports to $8.5 billion by the end of fiscal year (FY) 2019/20, up from $7.7 billion in the previous FY, Alborsa news reported citing official sources.

The total quantities of crude oil, natural gas, petroleum products, and petrochemicals targeted for exports are around 17.7 million tons, according to the sources. The exports value includes the crude oil share of foreign partners, with the average price of Gulf of Suez crude to be considered at $55 per barrel.

It is worth mentioning the Egyptian Natural Gas Holding Company (EGAS) plans to boost its liquefied natural gas (LNG) exports through Idku liquefaction plant in November to reach 1 billion cubic feet per day (bcf/d), up from 300 million cubic feet per day last month.

Additionally, the sources pointed out the increase in the value of natural gas exports to 1.29 bcf/d in the current FY, as Egypt’s production capacity of natural gas has reached around 7 bcf/d.