Egypt struggles to pay for oil and LNG imports as dollar strengthens
The country reportedly has asked its oil and LNG suppliers to extend payment terms to 90 days after delivery earlier this month. Under the existing terms, Egypt is obliged to pay for LNG imports 15 days after a cargo unloads.
Egypt has faced dollar shortages recently as foreign currency receipts have sharply declined since late October as safety concerns have cut into tourism revenue after a Russian plane crashed near the holiday resort of Sharm el-Sheikh.
Egyptian Minister of Tourism Hisham Zaazou reported that Egypt’s tourism sector has lost EGP2.2 billion ($280.9 million) per month since then. In addition, plunging crude oil prices are pressuring Gulf countries to limit their aid to Egypt.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- US PVC offers resurface at competitive levels in Egypt, Turkey
- China import PE prices extend losses into April on lower costs
- Bullish price environment continues in Egypt’s PP, PE markets
- Unexpected plant shutdown fails to cease local PP downturn in Indonesia
- Export PVC prices out of China provide competitive edge
- European PP, PE set for 6th bullish month, is peak near?
- Caution reigns China PP market amid scant demand, low import supply
- Major producer leads way in higher April PP, PE pricing in Saudi Arabia
- European PVC set to rise for 11th month in April
- Suez Canal blockage: Global shipping faces another challenge