Egypt- Petroleum exports drop by 38% while imports surge by 4.7%: CAPMAS
(MENAFN- Daily News Egypt) Exports of petroleum products have notably declined in August, dropping by 38% to reach $310.2m in comparison to $500.6m during the corresponding period last year.
The Central Agency for Public Mobilisation and Statistics (CAPMAS) reported that petroleum imports increased during the same month to reach 920.5m tonnes, compared to 879.4m tonnes.
Petroleum production in September decreased year-on-year (YoY) to record 5.62m tonnes compared to 5.9m tonnes. Meanwhile, consumption of petroleum products inched down in September to reach 6.191m tonnes, compared to 6.194m tonnes consumed during the same month in 2014.
During September, the production of natural gas totalled 2.68m tonnes, in comparison to 3.11m tonnes a year before.
In November, the Egyptian Natural Gas Holding Company (EGAS) issued a report in which it stated that the daily production rate of natural gas declined to 4.15bn cubic feet, compared to 4.25bn cubic feet last month.
The Daily News Egypt obtained a copy of the report, which revealed Egypt's production rate declining by 1.2bn cubic feet per year on average and total compensatory wells connected to production lines since 2014 provide no more than 700m cubic feet annually.
The company report mentioned that total losses of Egypt's production of gas are estimated at 500m cubic feet per year, where total production reached 4.65bn cubic feet per day by the end of last year compared to the current 4.15bn cubic feet.
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