Egypt short of money to fuel power stations: ministry

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Egypt short of money to fuel power stations: ministry

Post by DJKeefy » Fri Mar 29, 2013 4:06 am

Daily power cuts in Egypt due to shortage of fuel to run power stations, says Egyptian oil ministry.

Egypt is being plagued by repeated power cuts because it does not have money to buy enough fuel, the oil ministry said on Thursday.

Rolling power cuts in the country of 83 million people are due to "the electricity sector's failure to secure needed funds for buying liquefied fuel for some power stations," the state's MENA news agency quoted a ministry official as saying.

Power stations have been forced to resort to alternative fuels, which do not provide the required energy, the official said.

Fuel-laden ships have been docked at Egyptian ports for three weeks but have not unloaded their cargo because there are no funds, he added.

Egypt has undergone an economic crisis since an uprising overthrew president Hosni Mubarak in January 2011, with its foreign reserves dwindling down to $13.5 billion from $36 billion before the nationwide revolt.

Key tourism revenues have dropped sharply due to a lack in security that has also scared off foreign investors.

Power cuts are usually more frequent during the summer, when electricity consumption peaks with the use of air conditioners.

But the almost daily cuts have already started this spring, while temperatures are still relatively mild.

Shortages of diesel have also hit micro buses, a main source of transport for many commuters. Trucks too have been affected by lack of fuel, leading to traffic jams as they parked in long lines waiting for whatever limited supplies can be found.

A crucial $4.8 billion IMF loan Egypt, needed to boost the economy and encourage investors, has been put on standby amid a protracted struggle between Islamist President Mohamed Morsi and his opposition.

Source: http://english.ahram.org.eg/News/67963.aspx


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Re: Egypt short of money to fuel power stations: ministry

Post by Chocolate Eclair » Fri Mar 29, 2013 5:54 am

A good article Keefy, and informative, makes you wonder if we need to get our savings into British Accounts in case our accounts are raided for help, in a similar way to Cyprus.

A need for Political stabilisation is desperately needed, and its high time the political parties pulled together to get Egypt out of the mire. I don't know what plan we are on now, but presume Plan B and C have been exhausted. All this Political upset is bankrupting the Country.

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Re: Egypt short of money to fuel power stations: ministry

Post by FABlux » Sat Mar 30, 2013 5:11 pm

I saw a report today that as of June 1 all but one runway at Cairo airport will be closed for 4 hours a day to save fuel.

http://www.dailystar.com.lb/News/Middle ... z2P2UMidot

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Re: Egypt short of money to fuel power stations: ministry

Post by Bombay » Sat Mar 30, 2013 6:11 pm

FABlux wrote:I saw a report today that as of June 1 all but one runway at Cairo airport will be closed for 4 hours a day to save fuel.

http://www.dailystar.com.lb/News/Middle ... z2P2UMidot
Good idea unlike Heathrow they have 3.

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Re: Egypt short of money to fuel power stations: ministry

Post by Hafiz » Sun Mar 31, 2013 7:35 am

Seems like money is also short for food imports but, unlike fuel, there is a bit of a lifeline with the US and EU now offering extended credit for wheat. http://www.reuters.com/article/2013/03/ ... 1Z20130330

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Re: Egypt short of money to fuel power stations: ministry

Post by Chocolate Eclair » Sun Mar 31, 2013 3:28 pm

I think Political Turmoil is effecting investment now, or it seems like it anyway. All this going on but you never hear of what is getting done to ease the problem, seems like ideas are in short supply. Again another reason why people are getting anxious.

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