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FINANCIAL NEWS
Egypt Elect Ministry pays EGP21.2bn of debts to Petroleum Ministry
06 Feb 2017
(MENAFN) The Ministry of Electricity has paid EGP21.2bn of its debts to the Ministry of Petroleum, from a whole debt of EGP60.9bn.
Accordingly, the Ministry of Elect paid EGP20bn from a loan obtained from Banque Misr and the National Bank of Egypt, which will be repaid over 7 years.
Additionally, both sides agreed to pay EGP500mn per month, whereas the Ministry of Finance will pay 50 percent of its monthly bill.
Moreover, power plants consume almost 83mn cubic feet of gas in winter, which boosts to 145mn cubic feet in the summer.
MENAFN0602201700450000ID1095238659
MENAFN0602201700450000ID1095238659
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