Egypt to stretch oil import ban

Posted By: Religare
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Egypt to stretch oil import ban
The government owned Egyptian General Petroleum Corp. has stated that Egypt is likely to stretch the ban of fuel oil imports beyond June 30 and will be depending on the domestic supplies of natural gas for its power stations.

Deputy Chief Executive Officer for Operations Mohamed Shoeib said, “This will depend on summertime demand for power, but our aim is to maximize the use of the locally produced natural gas in generating electricity."

Previously, the import ban was initiated by Egypt from February after purchasing about 2 million metric tonnes of the oil product annually in the past.

Read more about: oil and gas, electricity
Story first published: Thursday, May 5, 2011, 12:30 [IST]
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