Zohr gas field saves Egypt $1.5-2bn/yr - Minister

Zohr gas field saves Egypt $1.5-2bn/yr - Minister
Tax rates will be stable in the next four years

Cairo – Mubasher: Egypt's supergiant offshore gas field Zohr is saving nearly $150 million per month to Egypt, averaging between $1.5 billion and $2 billion per year, the finance minister said.

Tax rates will be stable in the next four years, Enterprises reported, citing Mohamed Maait.

During the EFG Hermes conference, he indicated that the new tax policy aims at simplifying, standardising, and automating tax procedures.

The government is still working on a new law to accelerate the privatisation of industrial land plots, he revealed.

Gas output from Zohr reached 3.1 billion cubic metres in the first half of 2018.