Egypt initiates international tender for petroleum product imports, increases

CAIRO – 18 July 2024: According to sources interviewed by Asharq Bloomberg, Egypt is initiating an international tender in August for the importation of around 740,000 tons of petroleum products. The imported materials consist of 400,000 tons of diesel, 170,000 tons of gasoline, and 170,000 tons of butane.

Egypt has observed a significant increase in the quantity of gasoline imports for August, approximately 90 percent higher than the usual amount during the first five months of the year. This rise is attributed to the augmented demand and consumption of gasoline during the summer months.

In the semi-annual report on economic performance, Egypt has revised its projection of the price per barrel of oil to $85 for the current fiscal year budget, reflecting a 6.25 percent increase. 

Additionally, the budget for the fiscal year 2024/2025 has allocated approximately EGP 154.5 billion to support petroleum products, marking a 29.4% increase compared to the previous year’s budget of EGP 119.2 billion.

Recently, in July, the Egyptian Ministry of Petroleum and Mineral Resources is set to receive two shipments of liquefied natural gas (LNG) at the Port of Sokhna.

Each shipment has a capacity of roughly 145,000 tonnes, as confirmed by a government official interviewed by Al Arabiya Business. 

These shipments are expected to arrive within the next 10 days.