Oil & Natural Gas Exports Up to $ 8 Billion

The Petroleum Minister Sameh Fahmi said the petroleum sector aims at increasing oil and natural gas exports from $5.4 billion to $8 billion during the fiscal year 2005/2006, especially following increasing exports of petrochemical products and doubling natural gas exports to 12 million tons from natural gas liquefaction projects in Damietta and Edco in addition to oil price rise. The Minister pointed out that the surplus in petroleum payment balance of commercial sector rose to $4.1 billion due to the rise in butane gas and diesel oil. New oil companies shares will be put in bourse to give ordinary citizens the opportunity to access securities market and benefit from revenues of oil investment, he added.