Egypt's petroleum ministry out of funds to import fuel.

Advice, information and discussion about Egypt in general.

Moderators: DJKeefy, 4u Network

User avatar
DJKeefy
Site Administrator
Site Administrator
Posts: 10781
Joined: Thu Jan 13, 2005 4:08 pm
Location: UK
Has thanked: 811 times
Been thanked: 1816 times
Gender:
Egypt

Egypt's petroleum ministry out of funds to import fuel.

Post by DJKeefy » Tue Aug 13, 2013 6:53 am

Egypt’s ministry of petroleum is currently facing difficulties trying to finance needed fuel imports such as diesel and the low-quality mazut –required to operate power stations – Al-Ahram Arabic news website reported on Monday, citing an anonymous official in the ministry.

Over the past week, several areas in Egypt saw blackouts for the first time since the ouster of President Morsi as fuel quantities supplied to power units by the petroleum ministry fell short of meeting demand.

According to the official, the ministry suffers liquidity problems preventing it from covering the cost of importing petroleum products, as it is owed LE151 billion (roughly $21.6 billion) by other governmental bodies.

On a positive note for the ministry of petroleum, shipments of fuel pledged after Morsi's fall by United Arab Emirates and Saudi Arabia have arrived. However, these grants will not suffice to help Egypt meet all of its oil needs.

The ministers of petroleum, finance, and electricity will meet in the coming days to discuss how to finance the government's fuel imports, according to the official..

The current shortage in oil is exacerbated by Iraq's refusal to fulfill a pledge it made in April to supply Egypt with four million barrels of oil per month unless Cairo makes cash payments.

Similarly, Libya, which had also assured Egypt in April it would supply it with one million barrel of oil per month, declined to fulfill its promise insisting Cairo present letters of credit from international banks as a guarantee.

Source: http://english.ahram.org.eg/News/78870.aspx


Image

LovelyLadyLux
Egyptian Pharaoh
Egyptian Pharaoh
Posts: 3252
Joined: Sun Nov 22, 2009 2:27 am
Has thanked: 985 times
Been thanked: 2256 times
Canada

Re: Egypt's petroleum ministry out of funds to import fuel.

Post by LovelyLadyLux » Tue Aug 13, 2013 7:09 am

Seems the noose just continues to tighten.

User avatar
Bullet Magnet
Royal V.I.P
Royal V.I.P
Posts: 2530
Joined: Sat Nov 21, 2009 10:38 am
Location: Le Manège Enchanté
Has thanked: 9029 times
Been thanked: 2303 times

Re: Egypt's petroleum ministry out of funds to import fuel.

Post by Bullet Magnet » Tue Aug 13, 2013 1:09 pm

Why cant they just use their own oil supplies from the refineries instead of selling it off ?
Robbing Peter to pay Paul, but they will at least have electricity..
There's a time for everyone, if they only learn
That the twisting kaleidoscope moves us all in turn.

User avatar
Dusak
Egyptian Pharaoh
Egyptian Pharaoh
Posts: 5874
Joined: Sun May 11, 2008 2:29 pm
Location: LUXOR
Has thanked: 5895 times
Been thanked: 7328 times
Gender:
Thailand

Re: Egypt's petroleum ministry out of funds to import fuel.

Post by Dusak » Tue Aug 13, 2013 2:59 pm

In out, in out, we'll just have to do without.
Life is your's to do with as you wish- do not let other's try to control it for you. Count Dusak- 1345.

  • Similar Topics
    Replies
    Views
    Last post
  • Petroleum Authority restructuring fuel subsidies
    by TonyC » Tue Sep 25, 2012 10:26 am » in Know Egypt
    2 Replies
    149 Views
    Last post by Bearded Brian
    Wed Sep 26, 2012 8:04 pm
  • Egypt short of money to fuel power stations: ministry
    by DJKeefy » Fri Mar 29, 2013 4:06 am » in Know Egypt
    5 Replies
    378 Views
    Last post by Chocolate Eclair
    Sun Mar 31, 2013 3:28 pm
  • Review of Egypt's petroleum strategy
    by newcastle » Tue Feb 21, 2017 10:48 am » in Know Egypt
    0 Replies
    164 Views
    Last post by newcastle
    Tue Feb 21, 2017 10:48 am
  • Fuel leak caused Luxor balloon crash: Aviation ministry
    by DJKeefy » Wed Jan 08, 2014 11:00 am » in Know Egypt
    3 Replies
    376 Views
    Last post by Hafiz
    Sat Jan 11, 2014 6:02 pm
  • Rising fuel costs mean Egypt's salad days are over
    by DJKeefy » Sun Mar 17, 2013 2:43 pm » in Know Egypt
    0 Replies
    134 Views
    Last post by DJKeefy
    Sun Mar 17, 2013 2:43 pm