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$500m to be used for importing petroleum products - Daily News Egypt

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$500m to be used for importing petroleum products

The Electricity Ministry would first make available $200m in funds in order to purchase and distribute 400,000 tonnes of mazut fuel oil as part of a strategic reserve for the country’s electricity stations.


Minister of Electricity and Energy Ahmed Emam recently stated that the cabinet has agreed to release $500m worth of funds in order to import new petroleum products and better meet the needs of Egypt’s energy market. (AFP Photo)
Minister of Electricity and Energy Ahmed Emam recently stated that the cabinet has agreed to release $500m worth of funds in order to import new petroleum products and better meet the needs of Egypt’s energy market.
(AFP Photo)

By: Mustafa Salih

Minister of Electricity and Energy Ahmed Emam recently stated that the cabinet has agreed to release $500m worth of funds in order to import new petroleum products and better meet the needs of Egypt’s energy market.

He added that the ministry was currently reviewing ways to best manage and administer such funds considering Egypt’s foreign currency shortage and recent increases in the price of the US dollar.

The Electricity Ministry would first make available $200m in funds in order to purchase and distribute 400,000 tonnes of mazut fuel oil as part of a strategic reserve for the country’s electricity stations.

Egypt’s cabinet had previously agreed last week to make available $200m to provide mazut to the country’s electricity stations in order to address perpetual power outages seen throughout the country as a result of fuel shortages.

Emam stated that beginning in June a number of new projects operating on BBO schemes are set to be funded and established by Egypt’s private sector, producing a total of 4,000 megawatts of energy. This is in addition to a new bid set to be held over the coming days to produce an additional thousand megawatts of energy.

He added that by the end of next June, the ministry would be hosting a bid to sell the rights to establish a new solar energy station in Egypt, set to produce a total of 200 megawatts of electricity.

He further called on citizens to pay their electricity bills on time, and refrain from seeking pardons to avoid having to pay such bills. Refusing to pay bills, he said, would exacerbate the country’s state wide energy crisis and lead to additional power outages in the future.

Emam also discussed plans set to take effect during the 2013-2014 fiscal year to provide additional electricity to military bases and camps located throughout the country at a cost of EGP 720m, in addition to another 240,000 acres of land in Sharq Al-Owainat in New Valley governorate. This last policy is set to be implemented by the Middle Egypt Company for Electricity Distribution, at a total cost of EGP 1.5bn.

This came as part of a recent step by Egypt’s Ministry of Electricity to establish four electricity stations producing 640 megawatts of energy, in conjunction with Germany, Spain, and Japan, at a total cost of €1.5bn.

Translated from AlBorsa newspaper

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https://www.dailynewsegypt.com/2013/05/28/500m-to-be-used-for-importing-petroleum-products/
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