Finance Ministry Increases Cash Allocation to Oil Ministry

Finance Ministry Increases Cash Allocation to Oil Ministry

In a statement to Egypt Oil&Gas, the Egyptian General Petroleum Corporation (EGPC)’s CEO, Tarek El Hadidy, said that the Finance Ministry increased its allocations for the Ministry of Petroleum and Mineral Resources from $800m/m to $1b/m. This increase came as a result to the EGP devaluation.

The Ministry of Finance will transfer a $350m to the Ministry of Petroleum next week as a part of the February allocations due to fuel suppliers payments to be import petroleum products needed for local market demands.

El Hadidy further explained that the Egyptian imports have 300,000 tons of benzene and diesel waiting to be released this week and distributed in local market in case a crisis occurs. He added that the market is 100% stable and EGPC is never late supplying stations during any time of the day.

El Hadidy pointed out that fuel is equally distributed among the governorates based on the schedule of the operation chamber as EGPC is injecting fuel to the market in cooperation with security agencies to prevent any leakage to the black market.

Sarah Samir 2752 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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