Egypt receives 6 fuel shipments from UAE

[DJKeefy]

Egypt has received six shipments of fuel from the UAE as part of the Gulf state’s promised aid following the ouster of Islamist president Mohamed Morsi.

Spokesman for the petroleum ministry Hamdi Abdel-Aziz told Ahram Online that the UAE shipments include diesel, petrol and the low-quality fuel oil mazut, and said that the ministry would reveal details regarding the amount of fuel and whether the shipments had been given or sold “soon.”

Last week, the UAE deposited $3 billion into the Egyptian central bank. A total of $12 billion has been pledged to Egypt by the UAE, Saudi Arabia and Kuwait since the 3 July ouster of Morsi.

According to Abdel-Aziz, negotiations between the petroleum ministry and foreign oil companies are ongoing to facilitate repayment of Egypt’s debts, which stand at an estimated $5.4 billion.

In a related development, Egypt will receive on Wednesday the first of five free liquefied natural gas shipments pledged by Qatar in June under the previous government. The shipment reportedly stands at 70 million cubic feet.

The shipments are part of the gas swap deal signed between Cairo and Doha, by which Egypt will buy the share of foreign companies in locally extracted LNG. The foreign companies will then take the LNG being imported from Qatar.

Newly-appointed minister of petroleum Sherif Ismail has attributed the current availability of fuel products and the disappearance of queues at petrol stations to the government’s efforts to curb fuel smuggling fuel.

Plans to issue smart cards, initially to prevent smuggling and then to control distribution of subsidised fuel, are on track despite the change of minister.

"The next phase of the project, which will be implemented gradually over the months of July, August and September, will include issuing smart cards to follow up on the fuelling of cars and other vehicles," the finance ministry said in a statement on Monday.

Osama Kamal, the former minister of petroleum, told Ahram Online in April that he expected the smart-card system to save some LE30 billion a year. Egypt's fuel subsidy bill was is estimated at LE120 billion in the last fiscal year, 2012/13.

The government will distribute an initial one million cards for vehicles that use diesel, followed by a five million cards for vehicles using gasoline.

Cards will also be issued for other users of fuel products such as factories, bakeries and farmers. The amount of consumption will not be a limited, the statement said.

Source: http://english.ahram.org.eg/News/77826.aspx

[A-Four]

According to Abdel-Aziz, negotiations between the petroleum ministry and foreign oil companies are ongoing to facilitate repayment of Egypt’s debts, which stand at an estimated $5.4 billion.

Source: http://english.ahram.org.eg/News/77826.aspx

Now that little bit of information seems to have hit the ticker-tape at last, while you lot on here got the info some ten days ago. Sorry I was out by about $500,000,000. but then again what is half a billion, when you are dealing with Egypt's problems post Mousi.

See subject Benzine in Living In, for further details.

[Dusak]

I knew a clairvoyant once, but apparently, he knew me first. This is indeed very good news for Egypt and us mere mortals that are still getting power cuts. A small drop in the ocean of problems, but at least it shows a willingness to help. I wonder what the final price to pay will be

[A-Four]

Dusak here makes a very interesting statement. Since the fall of Mousi there has been very and not so secret meetings going on with the EU, IMF, OPEC, a few of the old Arab states, and yes even among a few others, (whom some would need the aid of google, just to get their introduction) inc the Sisters. They have all realized that under the previous president the nation has been rifled, while Mousi probably knew nothing, while ‘his ministers’ were loading their international accounts in the British Cayman Isles.

It now appears obvious why Mousi’;s administration fell so rapidly, no wonder the country was winding down to nothing, and as though everything ’Mousi’ said or did, turned out to be a farce or disaster. The ’accident’ of appointing such a person as govenor of Luxor, was this one of a few final deliberate move by others, who had now fully lined their pockets, and need a get out clause before the whole ‘house of cards’ would come crashing down. I am certain that Mousi knew little or nothing of what really was going on around his,…………….a trusting old fool.

[Chocolate Eclair]

Suppose these cards they are issuing will be free to locals and like everything else bloody expensive for Europeans

[Brian Yare]

Suppose these cards they are issuing will be free to locals and like everything else bloody expensive for Europeans

Not just Europeans but all foreigners. Sounds quite reasonable to me. Why should foreigners get subsidised fuel?

I feel the same way about foreigners anywhere. If a government feels the need to provide cheap or free services for its own citizens, this should not be extended to non-citizens.

[LivinginLuxor]

Agreed, Brian. I know of several expats who argue with the ferry people when they are asked to pay 1LE instead of 25pt, as they live here. I've even seen that episode of meanness. I've even heard an acquaintance of mine proudly saying that he sends his Egyptian friend to buy subsidised bread.