Finance Ministry Announces New Procedures to Exempt Oil Companies from Fines to Boost Exports

Finance Ministry Announces New Procedures to Exempt Oil Companies from Fines to Boost Exports

Minister of Finance Mohamed Maait issued a decision to amend some provisions in the executive regulations of the Customs Law.

The amendments contribute to strengthening governance and simplifying procedures to reduce customs release time, in a manner consistent with efforts to make Egypt a regional transit trade hub.

Al-Shahat Ghaturi, Head of the Customs Authority, confirmed that new measures have been taken to exempt petroleum companies from fines and boost exports.  These companies were allowed to adjust the quantities exported documented according to what was actually shipped within 72 hours, after it was found that there were differences in the quantities as a result of the nature of the petroleum materials. This comes as they are pumped through pipes from warehouses to the means of transportation, where quantities remain in these pipes. This represents a difference between what was in the warehouse and what was shipped.

Sarah Samir 3463 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.

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