Egypt allocates $2bn to develop public oil firms in 2022-2023 budget

Egypt’s investment in public oil firms will hit 30 billion Egyptian pounds ($2 billion) in the 2022-2023 budget for the first time, the minister of petroleum and mineral resources announced.

Tarek El Molla said the ministry will boost the efficiency of the industry by developing old refineries and moving forward with digital transformation.

The move is in line with the ministry’s development and modernization program, launched in 2016 to streamline production.

El Molla’s comments came during the first general assembly of public sector oil companies to approve the planning budgets for the coming fiscal year 2022-2023, according to the ministry’s statement.