Egypt’s Finance Ministry allocated US$300 million in mid-July for the Egyptian General Petroleum Corporation to purchase petroleum throughout the first quarter of the current fiscal year, which started in July.
The corporation was granted the amount in order to fill the gap between the product's actual price and local subsidized prices, Petroleum Minister Abdullah Ghorab told Al-Masry Al-Youm.
Ghorab said the corporation received another $300 million two months ago. He stressed the importance of such allocations, citing the rising costs of both local and foreign loans.
Translated from the Arabic Edition
