Egypt's Minister of Planning and Economic Development, Hala El-said, announced allocating total investments worth EGP 49.50 billion to the development of the petroleum and mineral resources sector under the fiscal year (FY) 2022/2023 plan.

A total of EGP 17.60 billion was allocated to petroleum refining activity and a sum of EGP 31.90 billion was allocated to extraction activities, representing 3.50% of total investments, according to an official statement on Thursday.

In its recent report, the planning ministry highlighted the targeted projects in the petroleum sector under the FY22/23 plan. These projects include the replacement and upgrade of 15 strategic petroleum storages across the nation, the installation of a fixed oil pipeline network on the east of the canal, and the establishment of the first accredited gold refinery in Marsa Allam in the Red Sea governorate.

Besides, the projects include the development of central labs across Giza governorate, provision of basic needs to ensure raw phosphate reserves in the Nile Basin area, coupled with the launch of an investor’s guide to the mining industry and added value in addition to the establishment of the digital map and licencing system.