Former Egyptian Minister of Petroleum, Osama Kamal, said to Egypt Oil&Gas that the country’s refineries can replace Aramco halted shipments, which were ceased in October 2016, especially as Egypt allocated a special budget to develop refineries in order to save dollars through decreasing import bills.
Kamal further explained that signing long term contracts is the best solution for Egypt in order to solve any crisis including the halting of Aramco’s shipments. He added that the Ministry of Petroleum is ready to face any crisis at any time after the success of Minister of Petroleum, Tarek El Molla, in finding quick solutions to import new cargos.
Kamal noted that the huge discoveries will contribute in increasing local production of oil and gas which will be a motive for international companies to execute exploration activities in its concessions in Egypt’s deep water, Eastern Desert, Western Desert, Delta Nile, and Upper Egypt.
The former minister stated that Saudi Arabia is facing financial problems and external pressures that led to the halting of exporting fuel to Egypt especially as it faces a shortage in the kingdom’s budget for the first time in its history.