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From several countries, including Iraq, an Arab country that imports about two billion dollars in fuel within two months
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Economy News - follow up
A government official said that the Egyptian Ministry of Petroleum imported fuel shipments worth about two billion dollars during the past months of January and February.
He added that imports of petroleum products constituted between 60 and 70% of the import bill, with a value of about $1.3 billion during January and February, while the rest of the bill went to other types of fuel.
He explained that the value of Egypt's fuel imports increased by between 7 and 10 percent during the last period, affected by the Red Sea tensions that caused an increase in shipping and transportation costs.
He stated that the Egyptian Petroleum Corporation is linked to contracts to import shipments of crude oil from Iraq and petroleum products from other countries, including Saudi Arabia, the Emirates and Kuwait, to meet between 25 and 30% of the Egyptian market’s fuel needs.
According to data from the Egyptian Ministry of Petroleum, Egypt’s petroleum production in 2023 reached about 74 million tons, including 28 million tons of crude oil and condensates, and about 45 million tons of natural gas.
The official pointed out that the Ministry of Petroleum is obtaining some payment facilities for later periods, as the majority of monthly petroleum products are imported from Arab markets with a surplus in oil and fuel production.
He said that the Egyptian General Petroleum Corporation contracted shipments of solar and stove “cooking gas” from abroad during February in quantities amounting to 570 thousand tons, including solar quantities of 390 thousand tons to fill the market gap, as daily consumption reaches 41 thousand tons, equivalent to 1.23 million tons per month. While production is close to 28 thousand tons per day, equivalent to 840 thousand tons per month
In 2023, Egypt finished placing five projects for crude oil and natural gas fields on the production map, with about 15,000 barrels of crude and condensates per day, and about 144 million cubic feet of gas per day.
A government official said, in a previous statement, that Egypt, represented by the Ministry of Petroleum and Mineral Resources, imported fuel shipments worth approximately $12.6 billion in 2023.
He added that the value of the country's fuel imports during 2023 declined by about 11%, compared to 2022, in which the import bill amounted to about 14.3 billion dollars.
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Added 03/05/2024 - 8:20 AM
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Economy News - follow up
A government official said that the Egyptian Ministry of Petroleum imported fuel shipments worth about two billion dollars during the past months of January and February.
He added that imports of petroleum products constituted between 60 and 70% of the import bill, with a value of about $1.3 billion during January and February, while the rest of the bill went to other types of fuel.
He explained that the value of Egypt's fuel imports increased by between 7 and 10 percent during the last period, affected by the Red Sea tensions that caused an increase in shipping and transportation costs.
He stated that the Egyptian Petroleum Corporation is linked to contracts to import shipments of crude oil from Iraq and petroleum products from other countries, including Saudi Arabia, the Emirates and Kuwait, to meet between 25 and 30% of the Egyptian market’s fuel needs.
According to data from the Egyptian Ministry of Petroleum, Egypt’s petroleum production in 2023 reached about 74 million tons, including 28 million tons of crude oil and condensates, and about 45 million tons of natural gas.
The official pointed out that the Ministry of Petroleum is obtaining some payment facilities for later periods, as the majority of monthly petroleum products are imported from Arab markets with a surplus in oil and fuel production.
He said that the Egyptian General Petroleum Corporation contracted shipments of solar and stove “cooking gas” from abroad during February in quantities amounting to 570 thousand tons, including solar quantities of 390 thousand tons to fill the market gap, as daily consumption reaches 41 thousand tons, equivalent to 1.23 million tons per month. While production is close to 28 thousand tons per day, equivalent to 840 thousand tons per month
In 2023, Egypt finished placing five projects for crude oil and natural gas fields on the production map, with about 15,000 barrels of crude and condensates per day, and about 144 million cubic feet of gas per day.
A government official said, in a previous statement, that Egypt, represented by the Ministry of Petroleum and Mineral Resources, imported fuel shipments worth approximately $12.6 billion in 2023.
He added that the value of the country's fuel imports during 2023 declined by about 11%, compared to 2022, in which the import bill amounted to about 14.3 billion dollars.
119 views
Added 03/05/2024 - 8:20 AM
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