By Mohamed Adel
Throughout the coming fiscal year, oil companies owned by the public sector are striving to amass EGP 1.3bn in investments in the fields of research and oil and gas production, according to President of the Egypt General Petroleum Corporation (EGPC) Tareq Al-Mula.
This new addition to public sector companies has allowed them to engage in research and oil and gas production in Egyptian fields.
The total amount of investments that are hoped to be collected from public sector companies amount to EGP 3.69bn for the 2014/2015 year, according to Al-Mula.
The total amount of investments from public sector companies amounted to EGP 2.9bn for the current fiscal year. The investments will be directed toward projects implemented by national oil companies, among them EGPC, Suez, Nasr, Ameriya, the Egyptian Petrochemicals Company and Petrogas.
For the coming year, approximately EGP1.5bn will be allotted to refinement and petroleum manufacturing, EGP 1.2bn to research and production, and EGP 890m to transportation and petroleum product marketing, according to Al-Mula.
He added that renewal, replacement, drilling, and well development operations are being conducted to meet the growing needs of the local market for petroleum products and reduce the gap between production and consumption in order to decrease imports.
The goal for investments received from foreign partners in their concession areas is $8.2bn for the next fiscal year.