Egypt aims to be net oil, gas ex­porter

China Daily (USA) - - BUSINESS -

Egypt’s Min­is­ter of Pe­tro­leum and Min­eral 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.

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