Minister of Petroleum: No increase in fuel prices until the end of June 2018
Minister of Petroleum: No increase in fuel prices until the end of June 2018 .. And stop importing liquefied gas at the end of next year .. And 4 billion saving from raising prices .. Production back in December .. And reduce the debts of foreign partners soon

We target $ 10 billion in investments during the current fiscal year
Settlement of international arbitration cases against Egypt
Egypt seeks to import 24 million barrels of Iraqi oil from January 2018
Egyptian Minister of Petroleum Tariq Al-Mulla told a press conference held at the ministry's headquarters that the import of liquefied natural gas was stopped at the end of next year, in addition to targeting Egypt to reduce the indebtedness of foreign companies and pumping oil investments worth 10 billion dollars. The government does not intend to raise subsidies on fuel until June 2018.

         
Minister of Petroleum and Mineral Resources Tariq Al-Mulla said during a press conference held on Saturday at the ministry's headquarters that petroleum products are still subsidized despite the increase in prices. He pointed out that the ministry covers 65% of the cost, and that 35% The local sales price and the price of the cost of products, stressing that it is unlikely to increase the prices of petroleum products during the current fiscal year and ending on June 30, 2018, and that "there are petroleum products such as butane difficult to reach support for zero, but target the arrival of subsidies on gasoline of all kinds to zero" .

The Ministry of Petroleum and Mineral Resources said that the ministry is targeting about 10 billion dollars in investment during the current fiscal year 2017-2018. He pointed out that the current financial year witnessed investments estimated at 8.1 billion dollars, stressing that the strategy of the oil sector aims to attract more investments during the period "The volume of consumption amounted to 23 billion pounds," he said, adding that the rise in the price of oil will have a negative impact on the subsidy bill, but that there is a saving in the subsidy bill during the first quarter of the current fiscal year amounted to about 4 billion pounds. We must not rush in judgment, stressing: " There was a drop in consumption of about 7.4% in gasoline and diesel respectively, as a result of the price hike.

Minister of Petroleum: No increase in fuel prices until the end of June 2018
The Minister of Petroleum and Mineral Resources pointed out that Egypt will stop importing liquefied fertilizers before the end of next year, stressing that Egypt will fulfill its export contracts due to the lack of gas supplies during the last period, stressing that the gas in Egypt is not only a field back, Of the major projects such as the concession of Desouq and the West Damietta concession area, in addition to the areas of Salamat and Salmon, areas that have not yet been developed, stressing that there are new bids during the coming period in the Red Sea and the Western Mediterranean.

"There is no specific date for the start of production, but it will certainly be before the end of this year," said Mulla, the minister of petroleum and mineral wealth. The Ministry is in the process of announcing a bid for gold exploration again during the coming period, pointing out that the sector attaches importance to the mineral wealth during the current stage because of its economic importance, stressing that due to the importance of the matter has been allocated a special office of the Mineral Wealth Authority, Do it periodically Maximum limit every 10 days, stressing that the ministry is seeking to achieve greater economic gain than the current mining sector in Egypt.

Al-Mulla revealed that the ministry aims to reduce the value of indebtedness of foreign partners and international companies operating in the oil sector before the end of this year, December 2017, where the last announced debt to the partners since the end of June about 2.3 billion dollars.

Minister of Petroleum: No increase in fuel prices until the end of June 2018
Al-Mulla also revealed the ministry's intention to increase the imported quantities of Iraqi oil to 2 million barrels per month instead of one million barrels. He pointed out that Egypt is seeking to import 24 million barrels during the next year beginning from January 2018, stressing that the relationship between Egypt and Iraq is very distinctive, Pointing out that the importation of Libya is currently not proposed.

The Minister of Petroleum and Mineral Resources said that any talk about the import of natural gas from Israel should be subject to several conditions, the most important of which is the settlement of the international arbitration cases against Egypt, in addition to taking into consideration the dimensions of national security and economic balance. Will add value to the Egyptian economy.

Al-Mulla said that the program of structure and reform of petroleum products support approved by the House of Representatives within the framework of the government program over a period of 5 years - which began in 2014 - aims to cancel subsidies on the gasoline product at the end of the reform program to reach the cost price. That there will be no increase in the price of fuel during the current year, noting that there are petroleum products such as potaz, it is difficult to cancel the full support for the coming period, stressing that the program of support reform would work to provide amounts of support to address other areas such as health and education Public transportation and shareholder Social protection programs to target disadvantaged classes.

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