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Egypt targets fuel self-sufficiency in FY22/23

Egypt targets fuel self-sufficiency in FY22/23
Egypt enjoys a growing strategic role in relation to new gas discoveries

Cairo – Mubasher: Egypt is planning to reach self-sufficiency of fuel and petroleum products during the fiscal year 2022/2023, minister of petroleum and mineral resources Tarek al-Mulla stated on Saturday.

International investors have become more interested in the Egyptian petrochemical sector, which incentivises the industry, al-Mulla added, noting that the news expansions and projects were aimed at cutting imports of petrochemicals and meeting the local demand.

The minister maintained that the global trend towards new and renewable energy would create a surplus in fossil fuel that could boost the petrochemical industry.

Egypt enjoys a growing strategic role in relation to new gas discoveries, which will transfer it to a regional energy hub, al-Mulla remarked.