Despite Free GUlf Fuel, Egypt Takes Oil Shipments

Posted by Greg Trauthwein
Friday, June 20, 2014

Egypt is receiving fuel shipments to cover its needs for this month, an energy official said on Friday, despite $6 billion of free fuel given by its Gulf allies after the army took power last year.

Amr Mostafa, vice president of the state-run Petroleum Authority for Operations, noted in a statement that fuel consumption spikes in the summer months when many Egyptians travel from Cairo to the Mediterranean coast.

The government had supplied all the diesel farmers needed for this year's wheat harvest despite storage problems that had hindered production of the strategic crop last year, he said.

Energy prices in Egypt are among the cheapest in the world, with subsidies eating up a fifth of state spending, and unfettered consumption has led to the worst fuel crunch for years.

Egyptians rioted over long lines at gas pumps just before the ousting of President Mohamed Mursi in July following mass protests against his rule.

Egyptian officials have recently said that aid in the form of refined oil products from Gulf oil producers Saudi Arabia, the United Arab Emirates (UAE) and Kuwait will continue until at least September.

President Abdel Fattah al-Sisi, the former army chief sworn in less than two weeks, spoke cautiously about energy subsidies during his campaign, saying that they could not be removed suddenly because the people would not tolerate it. (Reporting by Maggie Fick; Editing by Louise Ireland)

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Odfjell's Tanker Overhaul Seeks to Slash Emissions by 20%

Norwegian tanker shipper Odfjell announced it is upgrading the propulsion systems aboard 19 of its chemical tanker vessels in a move that aims to reduce its fuel


Finland Scraps LNG Terminal Plan

Finnish gas utility Gasum has abandoned its plans to build the Finngulf liquefied natural gas  (LNG) import terminal in Finland with an offshore pipeline connection

MARAD Backs Emissions Reduction Projects

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced it will provide more than $1 million to support the development of two new emission-reducing maritime solutions.

Rolls-Royce to Cut More Staff of Marine Unit

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.0987 sec (10 req/sec)