Petroleum Minister Tareq el Molla said on Sunday that the development projects established currently by the State aims at improving living conditions of Egyptians.

On the sidelines of the general assembly of the Egyptian Natural Gas Holding Company (EGAS), Molla said the current drop in the global price of crude oil has a negative impact on oil excavation in Egypt.

The Egyptian government seeks to provide 1.2 million housing units with natural gas in the 2016-2017 fiscal year at a total cost of 3.8 billion pounds, he said.