The Egyptian General Petroleum Corporation (EGPC) is in negotiations with foreign importers to provide 370,000t/m of oil and diesel to create massive strategic reserves to cover domestic market demands, starting from October, an EGPC source told in a statement to Egypt Oil&Gas. The EGPC intends to pay for 60% of the imports in USD and for the rest in EGP. Shipments will be received through Alexandria and Suez ports, whereas cargo will later be distributed according to local demand.
The source further added that the Egyptian government will focus on boosting petroleum refineries’ production to around 8m tons, which is 60% of the Egyptian output and thus will decrease USD expenditure on imports. Similarly, the oil and gas sector is further planning to increase diesel production to 12.8mt and oil output to 6.4mt to ensure that the country is self-sustained.