Egypt Negotiates 250,000 Tons of Fuel Imports
Monday, 20th March 2017
An official source at the petroleum sector stated to Egypt Oil&Gas that the Egyptian government is currently conducting new negotiations with a number of foreign suppliers to import fuel for April and May.
As the source explained, the Egyptian General Petroleum Corporation (EGPC) is aiming to import 250,000 tons of gasoline and diesel per month, in anticipation of Saudi Aramco to stop fuel shipments again at any time.
He also pointed out that the new imported shipments will be used to increase the strategic inventory and meet the national demand at gas stations all over Egypt to avoid fuel crises.
The value of the new imported shipments will be paid 50% in Egyptian pounds and 50% in American dollars by Arab suppliers, whose identities the source refused to disclose until the negotiations are officially concluded.
Egypt should continue to import fuel until it fulfills its plans to achieve energy self-sufficiency by 2023.