USD 1.18 Billion in Energy Imports Planned to End Power Cuts in Egypt

According to Prime Minister Dr. Mostafa Madbouly, Egypt will need to import USD 1.18 billion worth of mazut fuel oil and natural gas to end power cuts, particularly during a period in which the country is hit with back-to-back heat waves. This allocation hopes to end the need for load shedding power cuts before the end of July.

300,00 tonnes of mazut worth USD 180 million has already been contracted, with the shipment expected to arrive around the beginning of July in order to boost the nation’s strategic reserves.

Recently, the Ministries of Petroleum and Electricity have issued a joint statement announcing an extension to power cuts across Egypt to three hours daily until June 29th. Prime Minister Dr. Mostafa Madbouly announced that power cuts across the country will stop in mid-July, with the pause in load shedding set to continue for a period of six weeks until the beginning of September. He also declared that all shops must close by 10 PM beginning on June 30th, with the exception of supermarkets and pharmacies, which will be permitted to remain open until 1 AM.