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Egypt considers cutting fuel subsidies

by ChemOrbis Editorial Team -
  • 05/02/2015 (11:34)
According to local media reports, Egypt is mulling over cutting their fuel subsidies as of next fiscal year by around 20 billion Egyptian pounds ($2.64 billion).

Egypt has turned to a net importer from being an energy exporter in recent years due to lower production and high consumption. The government’s plans to cut subsidies are seen as an attempt to reduce consumption.

However, the government has not reached a final decision on this topic yet as they first want to study the social implications of such a decision.

On another note, Egypt is also trying to encourage more oil and gas exploration as well as seeking energy shipments from abroad in order to cover its energy needs.
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