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
Egypt's petroleum ministry out of funds to import fuel.
Moderators: DJKeefy, 4u Network
- DJKeefy
- Site Administrator
- Posts: 11025
- Joined: Thu Jan 13, 2005 4:08 pm
- Location: UK
- Has thanked: 654 times
- Been thanked: 1222 times
- Gender:
- Contact:
-
- Egyptian Pharaoh
- Posts: 3253
- Joined: Sun Nov 22, 2009 2:27 am
- Has thanked: 559 times
- Been thanked: 1591 times
Re: Egypt's petroleum ministry out of funds to import fuel.
Seems the noose just continues to tighten.
- Bullet Magnet
- Royal V.I.P
- Posts: 2530
- Joined: Sat Nov 21, 2009 10:38 am
- Location: Le Manège Enchanté
- Has thanked: 5362 times
- Been thanked: 1475 times
- Contact:
Re: Egypt's petroleum ministry out of funds to import fuel.
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..
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.
That the twisting kaleidoscope moves us all in turn.
- Dusak
- Egyptian Pharaoh
- Posts: 6190
- Joined: Sun May 11, 2008 2:29 pm
- Location: LUXOR
- Has thanked: 3241 times
- Been thanked: 3812 times
- Gender:
Re: Egypt's petroleum ministry out of funds to import fuel.
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
-
- 2 Replies
- 379 Views
-
Last post by Bearded Brian
-
- 5 Replies
- 855 Views
-
Last post by Chocolate Eclair
-
- 3 Replies
- 692 Views
-
Last post by Hafiz
-
- 0 Replies
- 392 Views
-
Last post by newcastle
-
- 2 Replies
- 545 Views
-
Last post by Major Thom