Egypt's Ministry of Petroleum and Mineral Resources has saved $1.5 billion in its petroleum import bill, Prime Minister Mostafa Madbouly said in a press conference.

This sum would have been paid off within the next six months, Madbouly added.

Moreover, he noted that the petroleum ministry, in coordination with oil and gas companies operating in Egypt, has been able to boost production from existing fields.

The increase in output was driven by the incentives and measures offered to these companies, he stated. 

Madbouly also highlighted that Egypt’s non-petroleum exports exceeded $40 billion in 2024.

In the same vein, he affirmed that the government would soon disclose the details of the upcoming initial public offerings (IPOs) of the four state-owned companies to support the private sector and increase its contribution to the economy.

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