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President Sisi discusses $150 oil impact
The article discusses President Abdel Fattah El-Sisi's statements regarding the challenges facing Egypt's energy sector, especially in light of the global rise in oil prices and its impact on the national economy. Sisi explained that if the price of a barrel of oil reaches $150, the government might have to reduce electricity loads by 4 to 5 hours daily, expressing concern about citizens' ability to bear these conditions. He pointed out that Egypt needs approximately $3 billion monthly to meet its petroleum product requirements. The country has established storage capacities of up to 33 million barrels to secure reserves, but financing these reserves requires $2.5 billion, which conflicts with other financial priorities. He also emphasized that the cost of the energy system includes fuel purchases, operation, maintenance, and settling dues, indicating that dealing with rising oil prices demands precise calculations and sustainable funding sources. Additionally, there were signals highlighting the need to improve the financial and investment performance of this sector to face future challenges.
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