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Egypt Receives Oil Aid Estimated at Around US$700 Million Monthly

Source: Al Masry Al Youm 4/23/2014, Location: Africa

Petroleum Minister Sherif Ismail said Egypt receives oil aid estimated at around US$700 million monthly from Arab countries like Saudi Arabia, Emirates and Kuwait.

In a phone call with a talk show aired on the privately owned CBC TV channel, Ismail said that another installment of about $1 billion of dues of the foreign countries working in petroleum field would be paid during the coming two months.

Each of Saudi Arabia, Emirates and Kuwait promised financial and petroleum aid to Egypt that reached $12 billion since ouster of deposed President Mohamed Morsy in July.

The Arab petroleum aid is a pivotal source for Egypt to make up for the local shortage of petroleum supply which caused the government to approve plan to limit electricity loads due to shortage in fuel used in operating electricity generation stations.

Egypt is working to restructure its energy subsidies to reduce burdens on the state budget. Energy subsidy reached LE128 billion during the last fiscal year.

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