Egypt seeks UAE funding for natural gas delivery

The UAE government has sent $3 billion in aid to Egypt following the army's July 3 ouster of elected President Mohamed Morsi, including $1 billion in fuel products

Egypt seeks UAE funding for natural gas delivery

World Bulletin/News Desk

Egypt has asked for a 1.3-billion pound funding from the United Arab Emirates (UAE) to fund the delivery of natural gas to 800,000 Egyptian homes, head of the state-run Petroleum Authority Tarek al-Mula told Anadolu Agency on Saturday.

Al-Mula said the project is part of a package of projects presented by the Egyptian government to the UAE for funding in the future.

The delivery of natural gas to the 800,000 homes will cost 3.2 billion Egyptian pounds, according to the data of the Egyptian Natural Gas Holding Company (EGAS).

Egyptian Planning Minister Ashraf al-Arabi had earlier said that the UAE considers financing several infrastructure projects in Egypt as part of an aid package to the Arab world's most populous state.

Al-Mula said the natural gas delivery to homes will reduce the amount of subsidies allocated by the government every year to butane gas cylinders, a main source of cooking in Egyptian homes.

The Egyptian government allocates around 18 billion Egyptian pounds, out of a total subsidy of 128.3 billion pounds for petroleum products, in subsidies for gas cylinders.

The Egyptian Petroleum Ministry has plans to deliver natural gas to 588,000 homes. The plan will bring the number of homes with natural gas to 5.5 since the delivery started in 1981.

The UAE government has sent $3 billion in aid to Egypt following the army's July 3 ouster of elected President Mohamed Morsi, including $1 billion in fuel products.

Güncelleme Tarihi: 28 Eylül 2013, 17:31

Muhammed Öylek

YORUM EKLE