Egypt's Crude Oil Imports Drop to $250 Million in October 2021- CAPMAS

Egypt's total imports of fuel rose to about $836 million in October compared to $577 million in 2020, with an increase of nearly $260 million, according to the Central Agency for Mobilization and Statistics (CAPMAS).

The value of crude oil imports recorded about $250 million in October 2021, compared to the value of imports of $253 million, year-on-year, with a decline of nearly $3 million.

As for petroleum products, the value of its imports amounted to about $570 million compared to $307 million during the same comparison period, with an increase of nearly $260 million.

The imports of coal rose to about $16 million compared to $13 million, an increase of $3 million.

Fuel exports amounted to about $1.4 billion during October 2021 compared to $428 million, with an increase of $988 million.

The country's total exports of crude oil rose about $330 million compared to $101 million during the comparison period, an increase of $229 million.

Petroleum products exports amounted to $931 million in October compared to about $234 million in 2020, with an increase of $696 million, and coal exports of all kinds amounted to about $1.4 million, compared to $732,000, an increase of $676,000.

During 2021, the petroleum sector was able to sign 7 petroleum agreements; with a total non-refundable $16 million, and a minimum investment of about $1.223 billion for the operation of 14 wells.

Currently, The necessary measures are being taken to issue 11 new petroleum agreements worth $177.3 million, with a minimum investment of about $5.3 billion for 39 wells.

Last year, the sector also made 52 discoveries (39 crude oil + 13 gases) in the Western Desert, the Gulf of Suez, the Mediterranean, Sinai and the Eastern Desert. Moreover, 17 development contracts were also signed in the Western and Eastern Deserts worth $7 million.

The sector succeeded in producing 82.4 million tons equivalent and 8.4% increase in production. The total production of petroleum wealth during 2021 reached about 82.4 million tons, with about 28.3 million tons of crude oil and condensates, about 53.1 million tons of natural gas, and about 1 million ton of butane gas, excluding gas produced from refineries and investment companies.