Egypt aims to be net oil, gas ex­porter

China Daily (Canada) - - BUSINESS -

Egypt’sMin­is­ter of Pe­tro­leum andMin­eral Re­sources Tarak El-Molla said on Tues­day his coun­try’s de­ci­sion to float the pound would help the most pop­u­lous Arab coun­try be­come a net ex­porter of oil and gas by 2021. The float­ing of the pound was a very good step, but the gov­ern­ment could not say when it would boost the coun­try’s oil ex­ports, he told re­porters at the Abu Dhabi In­ter­na­tional Pe­tro­leum Con­fer­ence. “We are work­ing hard to trans­form our­selves to a net en­ergy ex­port­ing na­tion and we tar­get this for the year 2021,” the min­is­ter added. The Cen­tral Bank of Egypt an­nounced last Thurs­day the de­val­u­a­tion of the pound by 48 per­cent, which it said would al­low the cur­rency to float in fi­nan­cial mar­kets based on sup­ply and de­mand. sur­vey out onWed­nes­day. The sur­vey found 53 per­cent of the 33 re­spon­dents— cho­sen be­cause they were al­ready mak­ing moves to im­prov­ing sus­tain­abil­ity— aimed to be­come sus­tain­abil­ity lead­ers in their sec­tors in the next three to five years. Busi­nesses said they were tar­get­ing projects that de­liv­ered clear pay­back, such as im­proved en­ergy ef­fi­ciency and re­duced waste, but they ex­pected to em­brace more am­bi­tious goals, such as re­duc­ing en­vi­ron­men­tal im­pacts and car­bon emis­sions in the next three years.

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