Cairo, Jan. 18, 2021 Egypt plans to stop relying on imported oil by 2023, Prime Minister Mostafa Madbouly said.
Madbouly said during a speech in the country’s lower house on Monday.
In September, the country’s petroleum minister, Tarek El Molla, said that in 2020, Egypt had imported just 3.5 million tonnes of gasoline for $1.5 billion, compared to 10 million tonnes in 2016.
“By 2023, God willing, Egypt will reach total petroleum self-sufficiency. We will not be importing petroleum products produced in other countries,” Madbouly said.
The prime minister added that in 2020 the country had signed 26 geological survey contracts with combined investments of almost $11 billion.
“We have reached a total gas self-sufficiency and meet the local market’s demands in various areas,” the official stressed, adding that the gas production had increased by 28 per cent.
According to Madbouly, the government has also managed to fully implement its economic reforms package and lowered the budget deficit from 10 to 7.9 per cent.