Petroleum Minister Tareq el Mulla said EGP 122.4 billion is allocated for subsidizing petroleum products.

Mullah asserted that the strategic aim of the petroleum sector is to secure the different needs of the state's sectors of petroleum and gas products to push the wheel of economic development.

This comes within the framework of the general policy of the state, he said.

In a statement on Thursday, Mulla said that the oil sector works on implementing projects to develop petroleum refineries and add new units to meet the local demand of oil products.

The sector succeeded in providing all the needs of the different sectors in 2016\2017 which recorded 78 million tons of petroleum, especially the needs of the electricity sector.

Source : Mena