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Egypt oil revenues down 34 per cent in February

Egypt’s oil revenues slumped by 34 per cent to EGP1.99 billion in February, compared with the same period of last year, Youm7 reports.

According to the data released by the Central Agency for Public Mobilisation and Statistics, the value of oil exports was higher than it was in January, when it stood at EGP1.53bn.

The report also reveals that the value of the country’s total oil imports surged by a massive 152.3 per cent to EGP5.8bn from EGP2.31bn.

In January, Egypt’s petroleum imports stood at EGP3.8bn, the data shows.

The country’s production of natural gas edged down by 10.7 per cent to 2.69 million tonnes compared with 3mn tonnes in January this year and 2.9mn tonnes in February last year.

Furthermore, the Arab nation’s production of crude oil, condensates and butane gas retreated by 8.5 per cent to 2.7mn tonnes in February, compared with 2.9mn tonnes in January.

Local consumption products dropped by 8.2 per cent to 2.8mn tonnes in February, compared with 3.04mn tonnes in January and up by 7 per cent when compared with the same month last year, when local consumption stood at 2.6mn tonnes.

Moreover, the local consumption of natural gas stood at 2.6mn tonnes, compared with 2.9mn tonnes in January, down by 10.9 per cent.