Petroleum derivatives subsidies bill will reach around EGP 40b in the last quarter of 2016/2017.

El Molla discussed the updates of the electronic system of distributing petroleum products.

Egypt is negotiating with the United Arab Emirates (UAE) to import petroleum derivatives such as benzene, diesel, and butane.

Egyptian General Petroleum Corporation (EGPC) is launching a tender to receive 700,000 tons of benzene, diesel and mazut.

International Oil Companies (IOCs) that were contracted through tenders to import petroleum derivatives to Egypt refused to extend payment period to 6 months instead of two.

Egypt is in talks with the Islamic Development Bank (IDB) to secure funds for the Egyptian General Petroleum Corporation (EGPC) to import petroleum derivatives,

Egypt is not in negotiations with Iran on crude oil imports, while the agreement with Saudi Aramco is still valid.

The Egyptian Refining Company will complete its refining project in Mostorod within the first quarter of 2017.

Egypt has received oil cargos, after Saudi Aramco informed that it will not be able to provide October's 700,000t shipment.

Egyptian Minister of Petroleum, Tarek El Molla, emphasized the importance of improving services at filling stations. He urged marketing companies to continue promoting solar power as an alternative source of energy, in order to rationalize national energy consumption.