Finance Ministry Allocates US$100 Mln For EGPC To Meet Petroleum Needs
The Minister of Finance, Momtaz El-Saeed approved allocating US$ 100 million for the Egyptian General Petroleum Corporation (EGPC) to finance the purchasing of petroleum products needed for providing electricity power plants with diesel.
The Ministry of Finance allocated US$ 600 million to EGPC in July and August in 2012 for such purpose. The total value of finances allocated by the Ministry for EGPC reached about US$ 5.750 million, in addition to offering US$ 600 million as financial guarantees since FY 2010/2011.
El-Saeed affirmed that there is a committee assigned by the Ministry of Finance, Ministry of Petroleum and Natural Gas and Ministry of Electricity and Energy to monitor the development of the country’s requirements for petroleum products in order to intervene immediately in case of any shortage in petroleum products.
As part of its efforts in supporting the country’s financial resources and relieving the burdens on the state’s budget, the government succeeded in negotiations over receiving credit facilities from the International Islamic Trade Finance Corporation and the Saudi Fund for Development to finance the purchasing of the needed petroleum products, which will accordingly reduce costs of importing.
El-Saeed approved allocating EGP 125 million to the fund designed for restructuring public business sector as it paid EGP 60 million as wage differences for August to the employees working in spinning and weaving companies and EGP 65 million as end-of-service bonuses to the employees of these companies.
In addition, the Ministry of Finance had previously offered about EGP 335 million to the fund to help it pay the wages of employees working in public-sector companies.
