Minister: Egypt receives oil aid of US$700 million monthly
Wed, 23/04/2014 - 12:43 MENA
http://www.egyptindependent.com//news/minister-egypt-receives-oil-aid-us700-million-monthly

Petroleum Minister Sherif Ismail said Egypt receives oil aid estimated at
around US$700 million monthly from Arab countries like Saudi Arabia,
Emirates and Kuwait.

In a phone call with a talk show aired on the privately-owned CBC TV channel
on Tuesday, Ismail said that another installment of about $1 billion of dues
of the foreign countries working in petroleum field will be paid during the
coming two months.

Each of Saudi Arabia, Emirates and Kuwait promised financial and petroleum
aid to Egypt that reached $12 billion since ouster of deposed President
Mohamed Morsy in July.

The Arab petroleum aid is a pivotal source for Egypt to make up for the
local shortage of petroleum supply which caused the government to approve
plan to limit electricity loads due to shortage in fuel used in operating
electricity generation stations.

Egypt is working to restructure its energy subsidies to reduce burdens on
the state budget. Energy subsidy reached LE128 billion during the last
fiscal year.

Edited translation from MENA