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

Contracts

French PM: Aussie Subs to be built in Australia

French Prime Minister Manuel Valls said on Monday he was committed to building all of a new Australian submarine fleet in Australia, apparently contradicting the

Asia-N.Europe Box Rates Jump 170 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 170 percent to $732 per 20-foot container (TEU) in the week ended on Friday,

NAT Acquires Four 150,000dwt Tankers

Nordic American Tankers Limited ("NAT" or the "Company") announced today that it has entered into an agreement to acquire four existing Suezmax sister vessels built in Japan at a world-class shipyard.

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

Energy

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

TOTE LNG Bunker Barge : Crew Training Program

GTT subsidiaries, GTT North America, Inc. and GTT Training Ltd, announce the award of the first contract of its kind for the development and implementation of a

MacGregor Launches Compact Pusnes RamWindlass

MacGregor, part of Cargotec, continues to add to its market-leading Pusnes product range and its latest introduction is a Pusnes RamWindlass. The new windlass is

News

US Coast Guard to Unveil Historic Lifeboat

A ceremony unveiling a historic lifeboat as a new static display in Chatham, Mass. is scheduled for 11 a.m. Friday at U.S. Coast Guard Station Chatham.   The

Crane Upgrade for Jack-up Vessel Sea Installer

Major modification work will bring A2SEA-owned vessel into line with growing demands of offshore wind industry   Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion,

Oil Spill in Schuylkill River

The U.S. Coast Guard and partner agencies are responding Tuesday to an oil sheen in the Schuylkill River.   The Coast Guard received a report of a sheen on the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1058 sec (9 req/sec)