Government announcements, trade data

Egypt Allocates $1.2 Billion for Energy Imports to End Power Cuts by July, Says Madbouly

Jun 25, 2024, 12:12 PM

Egypt's Prime Minister Madbouly announced that the country will need $1 billion worth of mazut and natural gas imports to avoid power outages during the summer. By the end of July, with the arrival of these shipments, the government plans to stop cutting power for the remaining summer months. The Prime Minister also stated during a press conference that Egypt has completely stopped exporting liquefied gas in the summer and switched to importing from neighboring countries to meet the increasing local demand. Additionally, Egypt will import an extra 300,000 tons of diesel for $180 million to operate power plants and reduce load shedding. The government has allocated nearly $1.2 billion for extra energy imports to eliminate scheduled power cuts before the end of July and address the electricity crisis caused by soaring temperatures. Shops will close at 10 pm starting from the first of July to reduce electricity consumption. Daily power cuts of 3 hours will continue until the third week of July, with a commitment to end the power cut crisis by the end of the year.