Last Update 21:27
Monday, 22 July 2019

Egypt aims to cut fuel imports to 10 pct of consumption by 2019

Reuters , Sunday 4 Jun 2017
Fuel
People jostle for a fuel dispenser nozzle as a worker fills the tank of a car at a petrol station in Cairo (File Photo: Reuters)
Share/Bookmark
Views: 2165
Share/Bookmark
Views: 2165

Egypt is looking to ramp up petroleum production over the next two years, aiming to reduce fuel imports to about 10 percent of total consumption from 30 percent currently, media quoted Oil Minister Tarek El Molla as saying.

Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.

Egypt has been trying to reverse that trend, speeding up production of oil and gas at recent discoveries. Large natural gas finds are expected to make Cairo self-sufficient in gas by the end of 2018, and it is now looking to make similar progress in petroleum.

"The Ministry of Petroleum has put forward a plan ... to increase the country's production of petroleum products and reduce its reliance on imports to 10 percent of total consumption by 2019," Molla said in remarks published in financial newspaper Al-Borsa on Sunday.

Molla said Egypt consumes 6.8 million tonnes of fuel per month.

The country is in talks with its liquefied natural gas (LNG) suppliers to defer contracted shipments this year and aims to cut back on purchases in 2018, as surging domestic gas production pushes back demand for costly foreign imports.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.