Egypt s oil exports will hit as much as $12 billion in the coming year, said Minister of Petroleum Sameh Fahmy on Monday during his speech at a labor rally in the Gulf of Suez city, reported the State Information Service (SIS).

Fahmy was reported to have said that the country’s oil output is also expected to reach 81 million tons of crude oil and natural gas by next year.

The current output stands at 71 million tons, he pointed out to those present, adding that Egypt s natural gas reserves hit 67.5 trillion cubic feet against 26 trillion over the past six years.

Under way are an Egyptian-German factory for producing pumps and an Egyptian-Chinese one for producing drilling equipment, he was reported to have announced