Egypt’s Petroleum and Electricity Ministries have reached an agreement to reschedule debts owed to the Ministry of Petroleum by the electricity sector in the upcoming months. The debts have reached EGP 44 billion.
The Ministry of Petroleum is to receive EGP 1 billion a month in order to provide the electricity sector’s needs of petroleum products for power plant operations during the summer months, when consumption soars.
The electricity sector receives between EGP 3.6 Billion and EGP 3.9 billion worth of petroleum products every month, of which 50% is paid for by the Ministry of Finance.
The agreement was reached during a meeting between Eng. sherif Ismail, Minister of Petroleum and Mineral Resources, Minister of Electricity and Renewable Energy Mohamed Shaker, and several officials from both ministries.