Egypt Today: Egypt’s fuel imports reached over $12.5 billion during the first ten months of this year, up from $10.5 billion in the same period last year, a 19 percent increase, according to a government official speaking to Al Arabiya Business.
The Egyptian General Petroleum Corporation (EGPC) secured fuel imports worth nearly $2 billion in October alone to meet market demands for petroleum products across various sectors. From January to October, petroleum products accounted for approximately $7 billion of the total import cost, with the remaining amount covering crude oil, fuel oil, coal, and other imports for the petroleum and gas sectors.
The Ministry of Petroleum and Mineral Resources plans to delay part of its liquefied natural gas (LNG) and fuel oil imports scheduled for the fourth quarter of this year, rescheduling delivery for the first quarter of 2025.
Fuel imports currently represent 30-35 percent of Egypt’s petroleum product consumption.
The Ministry aims to reduce this share starting in 2025 by relying more on local production.
To support this goal, the Ministry secures fuel needs through direct external contracts, including spot, medium-term, and annual agreements.
To further bolster the sector, the Ministry recently introduced a range of incentives for international oil companies operating in Egypt, encouraging new investments to overcome challenges, accelerate development, and boost oil and gas production for the benefit of all stakeholders.
https://www.egypttoday.com/Article/3/136288/Egypt-s-fuel-imports-reaches-12-5B-during-period-from
