Egypt’s business digest Sept. 2: Egypt’s crude oil production hits 217m barrels in 2015: EGPC


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Egypt’s crude oil production hits 217m barrels in 2015: EGPC

Egypt’s crude oil production reached 217 million barrels in 2015, sources at the Egyptian General Petroleum Corporation (EGPC) told Youm7 on Friday.

The crude oil monthly production reached 18 million barrels per month during the past year, the source added.

Crude Oil Production in Egypt decreased to 493 BBL/D/1K in May from 496 BBL/D/1K in April of 2016, according to the U.S. Energy Information Administration.


G-20 summit ideal opportunity to boost Egypt economy: finmin

The G-20 summit meeting, scheduled to kick off in China on Sunday, is a good opportunity to demonstrate the economic reform being implemented in Egypt, Youm7 quoted Finance Minister Amr el Garhy on Friday.

The event represents an ideal event to boost Egypt’s economy and drive more investments opportunities, the minister said, adding that “such important international event is a key chance to contribute to forging the new global economic system and comprehensive and sustainable development plans.”

Egypt participated in the G20 meeting of finance ministers and central bank governors that was held in Shanghai in February.

President Abdel Fatah al Sisi, currently in an official visit to India, is set to head to China on Saturday to participate in a G20 Summit for the first time since the G20 summit was formed in 2008.


International cooperation min., New Valley governor review ongoing development projects

International Cooperation Minister Sahar Nasr met with the New Valley governor reviewed latest progress in ongoing development projects, Youm7 reported on Friday.

The two sides discussed ways to accomplish new and renewable energy projects as the New Valley is deemed the country’s best qualified region to employ solar energy technology. They also reviewed latest development in metal exploration and mining projects along with agriculture reclamation.

The New Valley governorate makes up about 44 percent of Egypt’s total area.


Cabinet approves $500 world bank loan to fund development plan in Upper Egypt

The Cabinet of Ministers has approved the allocation of a $500 million World Bank loan to fund domestic development program in Upper Egypt, Youm7 reported.

The program aims to expand industries that are unique to the region, including nutritional and furniture production industries, a cabinet statement said on Thursday.

Last year, Egypt and the World Bank signed a $1 billion development loan to finance development projects in Upper Egypt.

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