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Cairo is struggling to deal with rising domestic consumption of oil products whilst paying down its dues to foreign oil firms, despite having received over $12bn in aid pledges from its Gulf allies since the turn of the year.
Egypt stepped up imports of LNG in recent months to meet domestic demand, and lessen the need to use costly liquid fuels in power plants. But reserves of LPG and gasoline are dwindling.
With the Egyptian pound having slid by 10%, from $1=E£7.15 to $1=E£7.93 over the last 10 months (see p16), Cairo’s monthly bill for its crude and products imports has risen to $1.3bn up from $1.1-1.2bn previously, according to EGPC . Egypt is reliant on imports to meet 37% of 156,000 b/d of gasoline demand and 45% of 117,000 b/d of LPG demand, leaving the country struggling to find the cash to keep Egypt’s economy on the road.
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