Egypt Looks To Plug Oil Products Shortfall

Egyptian state oil firm EGPC last week closed a tender to import record volumes of diesel.

EGPC seeks 27 cargoes of diesel, around 1mn tons in total, for February and March delivery as well as 1mn tons of butane (500,000 tons/month).

The diesel volumes average out at 116,000-129,000 b/d over the two months, that is to say around 80% of Egypt’s typical diesel imports which were 151,000 b/d for the first 10 months of 2016. Egypt is in the process of upgrading its refinery fleet with the aim of becoming self-sufficient in diesel but for Jan-Oct 2016 Egypt was reliant on imports to meet almost half of 298,000 b/d local demand. (CONTINUED - 326 WORDS)