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Thursday, May 8, 2014
Egypt is on a funding drive to raise an estimated $2.5 billion to cover energy imports until the end of the year. Khaled Abdel Badie, head of state-run gas firm EGAS told Reuters the funds were needed to secure supplies for power stations and cover other costs.
The North African country, despite its vast reserves of natural gas, needs to import LNG for power generation to meet its domestic power demands and with the weather heating up across the country the need is increasing. Abdel Badie provided no details on how the government might raise the funding.
Interestingly enough, Egypt recently slated $1 billion to pay money owed to operators in the country, which at present stands at $6 billion.
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