Egypt’s Natural Gas Reserves Reach 72.3 Trillion Cubic Feet:Petroleum Minister

Egypt’s natural gas reserves reach 72.3 trillion cubic feet: petroleum minister

CAIRO, July 9 (Xinhua) — The Egyptian Minister of Petroleum Sameh Fahmi said Monday the natural gas reserves of his country reached 72.3 trillion cubic feet by the end of the fiscal year ending on June 30, the official MENA news agency reported.

At a press conference held in the northern Egyptian port city of Alexandria, Fahmi said the increase is due to new explorations offshore the Mediterranean and in the Western Desert.

Earlier in May, Fahmi said that Egypt’s natural gas reserves hit 69.5 trillion cubic feet against 26 trillion over the past six years.

In addition, the minister said two new projects for oil refining and producing petrochemicals are being carried out in the Suez area at a total cost of three billion U.S. dollars.

The first 1.8-billion-dollar project is for producing petrochemicals at a total capacity of 100,000 barrels per day, and the second for producing oil by-products is at a cost of 1.2 billion dollars.

Egypt has become a promising natural gas producer and supplier for the world market in recent years due to its increasing investment and production in the oil and gas sectors.

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