Egypt plans to lift fuel subsidies within 3yrs

Cairo – Mubasher: The Egyptian government aims at cutting fuel subsidies within the coming two or three years, petroleum minister Tarek El-Molla said in a call broadcast to CBC’s Hona Al'asema.

Subsidies on petroleum products would not be wholly or partially lifted during the current fiscal year, El-Molla highlighted.

He added that Egypt’s general budget for the current fiscal year approved an allowance of EGP 110 billion for fuel subsidies.

He indicated that the government has saved around EGP 4 billion as the domestic consumption of gasoline and diesel dropped.

The government is seeking to export natural gas by 2019, in line with Italian Eni’s Zohr and British BP’s Atoll start production, El-Molla highlighted.

The minister noted that the initial phase of developing Zohr field will be completed in accordance with the planned schedule.

Mubasher Contribution Time: 15-Nov-2017 09:09 (GMT)
Mubasher Last Update Time: 15-Nov-2017 09:09 (GMT)

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