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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) Tariq al-Mulla says. As a modest net importer of crude and oil products, a decline in oil prices is in Egypt’s interest.
Mr Mulla 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.
Egypt is currently receiving 2mn barrels of crude a month (around 66,000 b/d) from Kuwait under a bilateral agreement. In early November Kuwait announced that it had transferred a grant of $1bn to Egypt as part of the $4bn pledged to Egypt in mid-2013. The other components of this package were $2bn placed with the CBE and $1bn to finance the import of petroleum products.
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