The value of petroleum derivatives imports reached U$700mn in the current June, according to an official at the Egyptian General Petroleum Corporation (EGPC).

The official said that the value of imported petroleum derivative bill is expected to increase by $300mn to $1bn as of July for two months.

The increase is ascribed to the anticipated rise in imported quantities of diesel and fuel oil that will be delivered to the new power plants, he pointed out.

The global fall in oil prices is the main reason of the decline in monthly import bill, but in case of increasing the imported quantities, the total value of imports bill will be higher in the coming two months, the official explained.

A recent report shows that EGPC plans to increase the quantities of imported liquefied fuel to 300,000 tons a month, from 180,000 up to 210,000 currently in order to meet the additional needs of power stations.

The petroleum corporation is currently coordinating with the ministry of electricity to cover its needs of liquefied fuel, especially during peak times in the coming period.

Source: Al Mal