Egypt spends more than $1.5 bln/month in providing petroleum products locally

Egypt spends more than $1.5 billion per month in providing petroleum products to the local market, Petroleum Minister Tarek El Molla said on Tuesday, a bill that covers both imports and the share of foreign oil companies.

Egypt now spends $700 million-$800 million buying the foreign companies’ share in local joint venture oil production due to the rise in global oil prices, Molla told reporters.