Electricity Ministry Borrows EGP 5b to Pay EGPC

Electricity Ministry Borrows EGP 5b to Pay EGPC

The Egyptian Ministry of Electricity agreed to obtain a loan worth EGP 5b to pay its dues to the Egyptian General Petroleum Corporation (EGPC) for fuel provided to power plants, reported Al Borsa News.

A source from EGPC stated that the company has sent a letter to the Ministry of Electricity and Renewable Energy asking them to apply for a loan with banks in order to pay back their late dues. EGPC will incur EGP 1.25b in interest fees for the loan.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, estimated overdue amounts owed by the Ministry of Electricity at EGP 60b, EGP 46b of which are late payments for fuel consumed by power plants.

Sarah Samir 3289 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password