The Energy and Environment Committee of the House of Representatives, during a meeting on Tuesday under the leadership of engineer Talaat al-Swedi, the draft budget of the General Petroleum Corporation for the tax year 2019/2020 .
The representative of the Authority, Ayman Osman, examined the details of the Commission's plan during the new financial year and pointed out that there is a boom in exported natural gas, which is expected to reach 12 million tonnes in 2019/2020. worth 2 billion dollars (36 billion pounds)) Compared to 4 million tons worth 589 million dollars (10 billion pounds) in the budget of the previous fiscal year 2018/2019.
The representative of the Authority, that the total will be addressed to the General Treasury of the State General Petroleum Authority during the new financial year, will reach £ 91.3 billion.
Othman pointed to a number of considerations that were taken into account in the preparation of the budget, firstly the preparation of budget estimates in accordance with Act No. 53 of the 1973 state budget and its implementing regulations and the budget preparation circular for the 2019/2020 tax year from the Ministry of Finance. In the production plan (crude oil, condensate, natural gas, potagazine), refining plan, consumption plan, transport and distribution.
The representative of the General Petroleum Corporation pointed out that the price of Brent crude oil was estimated at $ 68 / barrel compared to $ 67 / barrel in the approved financial year 2018/2019. The value of imported petroleum products was calculated based on of current prices, in addition to excluding the Commission's revenues from raw materials and condensates Natural gas and money from expenditures and revenues of the same value so as not to blow up the budget and to fill the observations of observers from the central audit organization.
Mr. Osman notes that the amount of EGP 24 billion is recorded in the value of the losses of his work in the amount of losses and losses in accordance with Egyptian accounting standard No. 13, the effect of exchange rate changes, as well as the observations of the central audit organization.