Foreign direct investments (FDIs) in the petroleum sector recorded a decline in net outflow by $277.9 million to reach $857.5 million during the first half of fiscal year (FY) 2022/23, according to the Central Bank of Egypt (CBE) Balance of Payment.

The total inflow, which represents new investments for foreign oil companies, increased to about $2.6 billion, compared to about $2.2 billion, during the same period of the preceding FY.

Transfers abroad, which represent the recovery of costs incurred by foreign partners during previous periods in research and development work, increased by $161.6 million to record about $3.5 billion.

The change in the CBE’s obligations recorded a net inflow of about $1.5 billion, compared to about $2.3 billion.

Meanwhile, the petroleum trade balance achieved a surplus of about $1.8 billion, compared to about $2.1 billion, as a result of the increase in petroleum exports by $690.6 million, due to the increase in natural gas exports by about $2 billion. This rise was limited by the decline in crude oil exports by about $690.5 million and petroleum products by $652.4 million.

Additionally, petroleum imports increased by $980.3 million, due to the increase in imports of petroleum products by $554.1 million and natural gas by $382.4 million.