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FINANCIAL NEWS
Egypt to import oil products worth USD16b in 2015-16
02 Aug 2015
(MENAFN) According to the Egyptian planning ministry, the country is expected to import 28.6 million tons of crude oil, liquefied natural gas (LNG) and other oil products worth USD16 billion in 2015-16.
The government expects to buy 7.79 million tons of LNG for USD3.55 billion and 6.37 million tons of crude oil for USD3.51 billion, the ministry said in a handout given to journalists at a news conference.
The country, which recently turned from a net energy exporter into an importer, aims to produce about 695,000 bpd of crude oil and condensates in addition to 4.7 billion cubic feet of gases sold daily.
Government projections put production at 30.5 million tons of crude oil this year, bringing the total projected production of oil, condensates and butagas to 35.9 million tons.
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