RIYADH: Egypt is expecting from $7.5 to $8 billion worth of foreign investments for oil and gas exploration in 2022, Petroleum Minister Tarek el Molla said in an interview with Al Arabiya.
Exports of liquefied gas witnessed a significant increase last year amid rising prices, he revealed.
A “buffer” by the North African country’s government is being implemented to convert usage from gasoline to compressed natural gas, or CNG, among consumers to avoid political consequences of soaring prices for the time being, El Molla said in an interview with CNBC.
This comes as the price of a cubic meter of CNG is almost half the price of a liter of gasoline, he disclosed.
The country has been experiencing a rise in conversion rates over the past three years, he added.
