Electricity Ministry Requests Greater Financial Support to Pay EGPC

Electricity Ministry Requests Greater Financial Support to Pay EGPC

The Ministry of Electricity has sent an official letter to the Ministry of Finance requesting an extra EGP500m per month to be able to better pay its debts to the Egyptian General Petroleum Corporation (EGPC), Egyptian media outlets report. The Finance Ministry has not yet responded to the request.

The Electricity Ministry has requested these funds because of its high debt to the EGPC for providing fuel to electricity power plants – which has created a financial burden on the EGPC. Reports stated that power plants had received EGP3.1b in fuel each month, repaying only EGP500m. The accumulated debt for these fuel supplies provided by the EGPC was EGP76b at the end of October, as the Electricity Ministry had been unable to meet its payment commitments.

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