Earthquake hits Turkey-Iran border kills nine, injures more than 100    Tennis: Djokovic surprised by Federer knee surgery news    EU stocks sink on fears coronavirus is spreading in Italy;    Germany is top country sending tourists to Egypt    CI Capital posts an increase in net profit by 46% during 2019    'Racism has won,' says Chelsea defender Antonio Rudiger    Messi restores peace at Barcelona; Madrid in slump before City    Iran says 4 more died of new virus; total death toll at 12    Kuwait, Bahrain report coronavirus in people who visited Iran    Afghanistan confirms first case of coronavirus from three suspected    Is Nefertiti's long-looked-for mysterious mummy buried next to Tutankhamun's?    Egyptian Irrigation Minister discusses accomplishments of country's mission in Uganda    Social Solidarity Ministry to restructure its activities in cooperation with private sector: El–Kabbaj    Alexbank, EBRD sign $100m agreement    Al Ahly, Zamalek play 2nd Cairo Derby in less than 96 hours    Naguib Sawiris in talks to acquire 51% stake in Shalateen state-owned mining firm    Government's amendment to oil agreements, price review prompt industry to rise again: Shell    Libya National Army say 16 Turkish soldiers killed in fighting    Programme: Japanese Film Week kicks off at Cairo Opera House    Egyptian MP takes over presidency of Parliamentary Assembly of the Mediterranean    Amr Fahmy former CAF general-secretary, dies battling cancer    Lebanese hospital uses healing power of music to fight cancer    Iran raises death toll from coronavirus to 8, infections to 43    Iran's state TV: Hardliners win all seats for Tehran in vote    Italy coronavirus cases increase to more than 100    Brexit team seeks to evade Irish Sea checks on goods    Mohamed Ramadan: Former aviation minister says pilot deserves ban    Mahraganat: controversy over barring Egyptian street popular music    Saudi-led coalition says foiled Red Sea attack by Yemen's Houthis    70th Berlinale kicks off with My Salinger Year starring Sigourney Weaver    COVID-19 toll reaches 2,360 deaths, 77,700 infections so far    South Sudan president reappoints rebel leader Machar in unity government    Madbouly joins high-level African judiciary meeting on terrorism    Egypt's Sisi stresses commitment to success of Ethiopian dam negotiations    Al-Sisi discusses enhancing commercial cooperation with Chile    Mashrabia Gallery participates in 1-54 African Contemporary Art Fair Marrakech 2020 ( 22-23 February)    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt seeks justice, development for Africa: PM    Egypt court acquits Alaa and Gamal Mubarak of the 'stock market manipulation' case    Soma Bay to host Golf Gourmet Week with 150 international golfers    Egypt court reverses order to release activist Alaa Abdel-Fattah from detention    Pompeo says Ethiopia-Egypt massive dam dispute could take months    Al Ahly play Zamalek for Egypt Super Cup in Abu Dhabi    Little Women on its way to become a classic    UEFA Champions League: defending champions Liverpool clash with Atletico Madrid    Chinese Grand Prix likely to be called off amid coronavirus concerns    Egypt's Golden Age actress, Nadia Lutfi, dies at 83    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Petroleum subsidies expected to register EGP 56bn in FY 2015/2016
Investment of foreign companies totalled $7bn in 2015
Published in Daily News Egypt on 12 - 01 - 2016

Petroleum subsidies are expected to be EGP 5bn lower than the predicted EGP 61bn to reach EGP 56bn in the state budget for the fiscal year (FY) 2015/2016, Minister of Petroleum Tarek El-Molla announced Monday.
In the FY 2014/2015 budget, petroleum subsidies recorded EGP 76bn.
El-Molla, who made his announcement during a luncheon held by the US Chamber of Commerce, attributed the subsidy to the fall of international oil prices while also addressing rumours that foreign oil partners might exit the market.
The minister said the government has a strategy to increase and diversify energy supply to meet increasing demands. "Do not believe anyone who says our partners are leaving the country," El-Molla said.
The minister highlighted that the total investment of foreign partners during 2015 amounted to $7bn and that this figure clearly indicates their commitment and belief in Egypt's economy.
Between FY 2011/2012 and December 2015, Egypt's debt to international oil companies decreased from $6.3 to $3bn, about 50%.
The minister addressed the current challenges the government is facing, which is the increase in energy consumption and decline of production. "Mature fields are a challenge and we have to compensate the decline in production by adding new wells and increasing exploration."
El-Molla said that it takes three to five years to discover a new well while full production will occur within eight years. Once the well reaches maximum production yields, the level of production starts to decline over the span of eight years until the well dries.

Clic here to read the story from its source.