Foreign Partners’ Dues Now Amount To $3.5bln: EGPC Official

Foreign partners’ dues amount to $3.5 billion, compared to $6.5bln last June, according to Mohamed Taher, Vice Executive Chairman for Planning and Projects at the Egyptian General Petroleum Corporation (EGPC).

According to Taher, the solution to Egypt’s energy shortage crisis is to discover further new fields. Egypt has trimmed its fuel subsidies over the current fiscal year (FY) 2014/2015 to LE100bln, in order to face the budget deficit.

Mohamed Shoeib, Managing Director of Qalaa Holdings Energy Division, believes that Egypt has good natural gas reserves, but the country does not have a map for an energy mix which is “a huge mistake”, especially through the summer.

Shoeib attributed the crisis of the government’s dues to foreign partners to the absence of an energy mix map last period.

He demanded the announcing of the real cost of produced electricity, mention that liberating energy prices is enough to resolve the crisis in Egypt in a short period.

Source: Daily News Egypt