The International Islamic Trade Finance Corporation (ITFC) has agreed to finance $2 billion worth of petroleum products, as a part of a larger $3 billion agreement with Egypt's Ministry of Investment to fund the i ...
Production of crude oil, condensates, and butane fell by 2.56% year-on-year (YOY) in June 2018, producing 2.63 million tons compared to 2.69 million tons in June 2017.
Egypt increased its production of crude oil, condensates, and butane by around 3% year-on-year in May 2018, producing 2.9 million tons compared to 2.8 million tons in May 2017.
The total value of Egypt’s fuel exports increased by $260 million year-on-year (YOY) in Q1 2018.
Egypt’s consumption of petroleum products fell by 15.97% year-on-year (YoY) to reach 2.815 million tons in March 2018, compared to 3.35 million tons in March 2018.
Egypt will achieve self-sufficiency in petroleum products in three years, Egyptian Minister of Petroleum, Tarek El Molla, has announced.
Egypt plans to develop refineries during the upcoming four years to decrease the import rate of petroleum products to 5%, compared to the current rate of 35%.
Egypt’s consumption of petroleum products fell by 14.45% year-on-year (Y.o.Y) to reach 2.682 million tons in February 2018, compared to 3.135 million tons in February 2018.
The value of Egyptian fuel exports fell 0.2% year-on-year (Y.o.Y) to January 2018.
The Egyptian government plans to reduce subsidies of petroleum products by 26% and electricity subsidies by 47% in the annual budget for the 2018/2019 fiscal year (FY).
