Oil minister: LE 5.3B value of exemptions granted for industrial companies

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Wed, 17 Jun 2020 - 03:59 GMT

FILE - Minister of Petroleum Tarek El-Molla speaks during the Al-Ahram Energy Conference on December 18, 2017

FILE - Minister of Petroleum Tarek El-Molla speaks during the Al-Ahram Energy Conference on December 18, 2017

CAIRO - 17 June 2020: The Petroleum sector will start in the coming week activating mechanisms of implementing the decision to exempt industrial facilities of the private, public business and public sectors of 50-65 percent of fines they owe to public natural gas distribution companies for failing to pay their bills.

These measures were prepared by the Petroleum Ministry and submitted to Petroleum Minister Tarek el Molla and the cabinet which endorsed it in early June.

The move stemmed from the responsibility that the ministry assumes to help the Egyptian economy face the current challenges and contribute to keeping the wheels of economy turning.

In a statement on Wednesday, the ministry said that the measures include a set of waivers worth LE 5.3 billion for all industrial companies which failed to pay their indebtedness to the ministry.

The minister described these measures and facilities as part of additional initiatives launched by his ministry to support the industrial activity.

He noted that the natural gas prices have been reduced for two times in a period not exceeding six months to serve industrial activities.

In March, the natural gas price was brought down to $4.5 for all industrial activities after it was reduced in October, 2019 to $6 for the cement industry.

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