Egypt targets $7 bln in FDI for oil and gas in 2022-2023

Egypt targets $7 billion in direct foreign investment (FDI) for its oil and gas sector in the fiscal year 2022-2023 that starts in July, Petroleum Minister Tarek El Molla told Sky News Arabia TV on Monday.

The petroleum ministry said earlier in the month that it planned to increase investments in the state-owned oil companies to 30 billion Egyptian pounds ($1.92 billion) in 2022-2023, which is the highest ever. ($1 = 15.6600 Egyptian pounds)

(Reporting By Moaz Abd-Alaziz; Editing by Susan Fenton and Barbara Lewis)