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FINANCIAL NEWS
Egypt to reduce fuel imports to 10pct of consumption by 2019
05 Jun 2017
(MENAFN) Egypt is aiming to cut petroleum production over the coming two years in order to reduce fuel imports to almost 10 percent of whole consumption from 30 percent.
Meanwhile, the country has been trying to reverse that trend, speeding up production of oil and gas at current discoveries.
Furthermore, large natural gas finds are projected to make Cairo self-sufficient in gas by the end of next year and is now aiming to make similar progress in petroleum.
In addition, the country is in talks with its LNG suppliers to defer contracted shipments this year and plans to cut back on purchases in 2018.
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MENAFN0506201700450000ID1095536045
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