Companies are facing fuel shortages that are threatening electricity production in the country, a senior source at the Electricity and Energy Ministry told the state-run news agency MENA.
Gaber Desouky, director of the Egyptian Electric Holding Company, said current fuel supplies do not suffice for one day at several generating stations, including Al-Kuraymat Station, Egypt’s biggest power plant.
In mid-September, the Finance Ministry secured nearly US$256 million to provide petroleum for the operation of power plants. The sum is part of $1.395 billion the government had secured since the start of the current fiscal year 2012/13.
The Central Bank of Egypt also allocates $300 million monthly to fund fuel imports.
Egypt has witnessed recurring fuel shortages and electricity outages since the breakout of the January 2011 revolution that ousted former President Hosni Mubarak.
In a speech at Cairo Stadium Saturday, President Mohamed Morsy said the state managed to achieve 107 percent of its fuel needs since his election in June, but noted that efforts were continuing to combat the black market.
Edited translation from MENA
