Egypt aims to be net oil, gas exporter
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.