The fall in the international price of oil will benefit the Egyptian economy and lower the cost of energy subsidies this year, the head of the Egyptian General Petroleum Corporation (EGPC) Tarek El Molla says. As a modest net importer of crude and oil products, a decline in oil prices is in Egypt’s interest.

Mr Molla adds that the country has finalized a $9bn credit facility with the UAE to finance the import of petroleum products from that country, or from other sources. Monies will be repaid over a fixed (but unspecified) period of time, he says. (CONTINUED - 395 WORDS)