Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt, Bahrain explore deeper cooperation on water resource management    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    African trade ministers meet in Cairo to push forward with AfCFTA    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's gold prices hold steady on Sep. 15th    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Electricity Ministry to repay EGP 800m for fuel to Petroleum Ministry next week
The government raised prices of imported fuel for power plants to EGP 2,500 per tonne, while natural gas reached $3 per million BTUs
Mohamed Farag Published in Daily News Egypt on 24 - 11 - 2016

The Ministry of Electricity and Renewable Energy will repay EGP 800m to the Ministry of Petroleum to pay off part of its fuel entitlements that the ministry uses for production plants.
Sources at the Ministry of Electricity told Daily News Egypt that the ministry had been committed to paying EGP 500m per month for the fuel needed for plants. After the amount owed to the Ministry of Petroleum increased to roughly EGP 80bn, it was agreed that payments would increase to roughly EGP 800m.
The sources added that the Ministry of Electricity is seeking to increase payments repaid to the Ministry of Petroleum to EGP 1bn per month, especially after connecting gas lines for power plants implemented by Siemens and the increase in bill payments.
The Ministry of Petroleum wishes to collect part of the arrears in order to commit to supplying plants' needs, especially after the flotation of the Egyptian pound and the implementation of the value-added tax (VAT).
The total value of withdrawals of the Ministry of Electricity from fuel is estimated at more than EGP 3bn per month, and the Ministry of Finance repays 50% of the value of consumption bills on behalf of the Ministry of Electricity.
The sources indicated that the total value of the Ministry of Electricity's debt amounts to EGP 80bn, and the Ministry of Finance bears almost EGP 30bn of the total debt.
Sources said that the Ministry of Electricity suffers from low collection rates of electricity consumption dues, as well as high debts from governmental agencies, institutions, and sovereign authorities.
The government decided in August to resolve the dispute between the ministries of petroleum and electricity in regards to the debts owed by the ministry of electricity, and bear the cost of gas used to generate electricity, and to price the difference to be collected from the Ministry of Finance directly.
The government raised prices of imported fuel for power plants to EGP 2,500 per tonne, while natural gas reached $3 per million BTUs.

Clic here to read the story from its source.