Egypt's Minister of Petroleum Sameh Fahmi has recently said that oil is the backbone of economic and social growth in Egypt. Speaking at the opening session of a conference on the future of oil and petrochemical industries in the Arab countries Monday, Sameh Fahmy said that total Egyptian oil and natural gas output hit 58.5 million tons in 2003-2004.
Oil refinery capacity in Egypt stood at 35 million tons while exports reached 18.6 million tons at $4.5 billion during the same fiscal year, he said.
Oil export levels have not yet reached the aspired volume, he said, adding that the increase in oil prices has bridged that gap.
Natural gas industry has witnessed a remarkable expansion over last few years with the new investment projects in northern Delta city of Rosetta to export liquefied gas to European markets, he added.
