Today, Saturday, March 19, 2022, the Egyptian economy news varied, most notably the implementation of a plan to increase crude oil, natural gas and condensate for the fiscal year 2022-2023, by 111 thousand barrels of oil, 21 thousand barrels of condensate, and 631 million cubic feet of gas per day.
"Petroleum": a plan to produce 111,000 barrels of oil and 631 million cubic feet of gas per day
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, affirmed that the challenges witnessed by the global oil and gas markets and their repercussions by increasing prices to unprecedented record levels that exceeded $100 per barrel, confirm that we do not have the luxury of time and wait, and that work to increase production rates must be expedited and to confront the natural decline of wells.
During the inspection tour of the fields and projects of Khalida Petroleum Company, Eng. Saeed Abdel Moneim, the company’s president, explained that it had increased investments in drilling and production operations, as the number of drilling rigs was increased from 5 to 10, and it is planned to increase it to 14 rigs at the end of the current fiscal year, which will contribute to Increasing its production of crude oil, natural gas and condensates, according to the ambitious plan approved for the fiscal year 2022-2023, by 111 thousand barrels of oil, 21 thousand barrels of condensate and 631 million cubic feet of gas per day.
He also clarified that it had completed two projects to install compressors with a production capacity of 10 million cubic feet of gas per day to maximize the utilization of the burning flare gas by pumping it back into the production network from the Kadesh and West Hironover fields in the Western Desert.
The Minister of Planning discusses with the Saudi Minister of Trade ways to enhance cooperation between the two countries
Dr. Hala Al-Saeed, Minister of Planning and Economic Development, received Dr. Majid Al-Qasabi, Saudi Minister of Commerce at the Ministry's headquarters, to discuss ways to enhance future cooperation between the two countries, on the sidelines of the meetings of the Governance Council of the Arab-African Trade Bridges Program, which Egypt chairs for a year.
At the beginning of the meeting, Dr. Hala Al-Saeed stressed the keenness to consolidate relations between the Egyptian and Saudi business communities, and to strengthen economic relations between the two countries in various fields, especially commercial, industrial and investment fields, noting the importance of the strategic partnership and the continuation of the cooperation process within the framework of the privacy and the growth of fruitful cooperation relations between Egypt and Saudi Arabia. .
Al-Saeed reviewed the most prominent opportunities and areas for developing relations within the framework of effective partnerships with the leading private sector companies in the two countries, and the mechanisms for converting obstacles into investment opportunities in light of the crisis of the outbreak of the Corona virus and its economic repercussions, in light of the availability of the elements for the growth of these relations, starting with support, political momentum and institutional frameworks. Supporting representatives, represented by the Egyptian-Saudi Joint Ministerial Committee and the Egyptian-Saudi Business Council, in addition to a group of successful investment partnerships.
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International Cooperation" meets with the Assistant Vice President of "IFAD" to discuss ways of cooperation
Rania Al-Mashat, Minister of International Cooperation, met with the International Fund for Agricultural Development (IFAD) mission, which is visiting Egypt from 15-19 March, which includes Yotsna Jo Bouri, Assistant Vice President for Strategy and Knowledge, and Dina Saleh, Regional Director for the Near East and North Africa and Europe, and Mohamed Al-Ghazali, IFAD Project Officer in Egypt, where they discussed opportunities for coordination and joint cooperation with the IFAD within the framework of Egypt’s hosting of the COP27 Climate Summit, and discussed the position of the Development Cooperation Program with the Fund and the projects being implemented with funds provided by the IFAD.
At the beginning of the meeting, the Minister of International Cooperation welcomed the officials of the International Fund for Agricultural Development, pointing to the joint strategic relations between Egypt and the International Fund for Agricultural Development, which extend for decades, which resulted in support for agricultural and rural development and the implementation of many development projects.
Al-Mashat indicated that climate issues have acquired a large part of the world's attention at the present time, as well as international institutions, and Egypt is working to implement efforts to transition to a green economy, through clear national plans, and to enhance joint cooperation with all countries and development partners in This framework, especially in light of hosting the upcoming COP27 climate summit in Sharm El-Sheikh.
Tax Authority: Inclusion of the informal economy in the system contributes to achieving tax justice
Reda Abdel Qader, head of the Egyptian Tax Authority, stressed the interest of the Minister of Finance and the Tax Authority in limiting the tax community, integrating the informal economy into the official system, and combating tax evasion, which contributes to achieving tax justice among members of society as a whole, and creating transparency that opens the doors of fair competition and equal opportunities between Companies operating within the community to ensure upgrading the level of services provided to citizens.
Abdel Qader pointed out that the Egyptian Tax Authority is working to spread tax awareness and communicate correct tax information to financiers through all available means of communication, in order to create correct tax awareness among financiers and those addressed with the provisions of tax laws in a manner that ensures the correct application of the law and avoids them falling under legal accountability. .
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Chemical exporters: The sector’s exports represent 23% of Egyptian exports by 2021
Khaled Abu al-Makarem, head of the Export Council for Chemical Industries and Fertilizers, confirmed that the coming period is a very difficult period for the Egyptian industry, which requires solidarity by everyone to overcome this period, pointing out that the Corona pandemic had an impact on a number of factories and business results, but on the other hand, it Egypt did not close, as many countries did, which enabled us to enter new markets for the products of countries that closed their factories, which prompted them to search for the substitution of their imports from these countries with better and cheaper products, and this was an opportunity for Egyptian exports of chemical industries.
During the launch of the eighth session of the Izdihar Business Acceleration Program for the chemical and packaging industries, he said that the chemical industries sector is one of the largest industrial sectors that achieved growth in 2020/21, and its exports during 2021 amounted to about $6.6 billion, representing about 23% of Egypt's exports, with a growth rate exceeding 46 %, indicating that this is in large part due to the support provided by the state to its exporters through the new export support program, support for shipping to Africa and the opening of new markets.
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