Egypt to be self-sufficient in petroleum products by 2023

Egypt's Prime Minister Mostafa Madbouly on Sunday assured that the country would achieve complete self-sufficiency in petroleum products by 2023.

During his speech before the House of Representatives, Madbouly stated that Egypt has already achieved energy self-sufficiency with investments that exceeded LE 34 billion.

The Petroleum Minister Tarek al-Molla announced the self-sufficiency goal of 2023 in September, adding that the ministry's initiative has resulted in the highest rates of natural gas production in Egypt's history.

He added that international companies are now eager to assert and expand their presence in the country thanks to Egypt's current stability.

According to a Worldometer report, as of 2016, Egypt was producing 682,904 barrels of oil per day, ranking 27th in the world. The country exports roughly 25 percent of its production.

Work is underway on a developmental project to transform Egypt, the largest non-OPEC oil producer in Africa, into a regional center for gas and oil trade.

During the meeting, Madbouly also reiterated the government's commitment to developing proper sewage systems and completing seawater desalination plants' construction.

Madbouly's remarks come after a harsh rainy season brought floods to multiple areas of the country, causing extended road closures and costing the government thousands in property damage.