Egypt Opens Tender To Import Fuel In July-Sept 2014

Posted by Joseph R. Fonseca
Saturday, May 31, 2014

Egypt has launched a tender to import hundreds of thousands of tonnes of petroleum products in the third quarter of 2014, an energy official said on Saturday, as the country tries to stave off a summer energy crisis.

Egypt's government wants to avoid major power blackouts during the months of increased consumption in the summer, when outages are worsened by a dilapidated grid and a wasteful subsidies system.

The tender comes in addition to supplies from Saudi Arabia, which will deliver energy products to Egypt in July and August as part of an aid package announced after the Egyptian army overthrew Egypt's first freely elected president, the Islamist Mohamed Mursi.

An official from the Egyptian General Petroleum Corp (EGPC) told Reuters that Egypt launched a tender on Thursday to import 90,000 tonnes of diesel each in July and August, and 120,000 tonnes of gasoline and 500,000 tonnes of diesel in September.

The tender would remain open until the first week of June, the official said, declining to be named.

Saudi Arabia would give Egypt about 240,000 tonnes of gasoline and 850,000 tonnes of diesel in July and August "as a gift", he said.

The country has enjoyed strong support from Gulf Arab states since thearmy deposed Mursi last year, whose Muslim Brotherhood organisation they regard as a potent security threat to the wider region and themselves.

Saudi Arabia, Kuwait and the United Arab Emirates (UAE) pledged more than $12 billion in loans and donations.

The head of the EGPC told Reuters in May that Egypt would receive about $650 million to $700 million worth of petroleum aid per month in August, totalling to more than $3 billion from April to August.

Power cuts and long queues at petrol stations contributed to widespread discontent with Mursi and sparked mass protests against his rule before he was ousted in July by the then army chief Abdel Fattah al-Sisi.

Sisi then stepped down from his post in the army and stood in last week's presidential elections, winning with over 90 percent of the vote. But his landslide win has been undermined by a low turnout, partly caused by an Islamist call for a boycott of the poll.

Raising energy prices could cause more unrest in a country where street protests helped bring down two presidents in three years, but analysts say failing to reform the system will inhibit economic growth.

(Reporting by Abdel Rahman Adel; Writing by Alexander Dziadosz; Editing by Raissa Kasolowsky)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Technip Bags Statoil's Umbilical Supply Contract

Technip’s wholly-owned subsidiary Technip Umbilicals Ltd.(1) has been awarded a contract by Statoil ASA to supply the umbilical(2) to the Oseberg Vestflanken 2 field offshore Norway.

Legal

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

Primeline Turns Against CNOOC

Primeline Energy Holdings Inc. announces that it has sent a letter to China National Offshore Oil Corporation (CNOOC) and CNOOC China Limited (CCL) (together CNOOC

Finance

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Energy

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Technip Bags Statoil's Umbilical Supply Contract

Technip’s wholly-owned subsidiary Technip Umbilicals Ltd.(1) has been awarded a contract by Statoil ASA to supply the umbilical(2) to the Oseberg Vestflanken 2 field offshore Norway.

Wood Group Bags Statoil MSA

Wood Group has been awarded an evergreen master services agreement (MSA) by Statoil to support the life cycles of its offshore  and onshore facilities. Work and

News

Guinean Sailors Arrested after Clash with Sierra Leone Navy

Sierra Leone was holding 11 Guineans including military personnel in custody on Wednesday following a confrontation at sea involving the two West African neighbours' navies,

Fleet Week Underway in New York

Parade of ships signals start of Fleet Week New York 2016   Now in its 28th year, New York Fleet Week has commenced, with ships from the U.S. Navy, U.S. Coast

Davie Begins First Resolve-Class AOR Conversion

Davie Shipbuilding has cut first steel for the Resolve Class Auxiliary Oiler Replenishment vessel.   The project consists of converting a containership into an

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1052 sec (10 req/sec)