Debts owed by the Egyptian Ministry of Electricity to the Egyptian General Petroleum Corporation (EGPC) have reached EGP 107.667 billion, Amwal Al Ghad reported.
This is compared to the EGP 90 billion it owed during the first half of 2017.
The ministry’s debts have risen because electricity generating power plants use around 60% of the country’s total natural gas consumption, as well as liquid fuels.
Governmental institutions owe EGPC a total of EGP 216.205 billion. The Ministry of Civil Aviation is indebted to EGPC with EGP 7.9 billion, while the Ministry of Transportation owes EGP 3.878 billion.
Prime Minister Sherif Ismail held a meeting earlier in May with the ministers of finance, petroleum, electricity and public business sector to find solutions for the growing arrears owed by governmental institutions to the petroleum sector.