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Egypt cancels EGP 5.3bn in natgas debt owed by factories

Egypt cancels EGP 5.3bn in natgas debt owed by factories
The reduced amount involves late fees and other penalties

Cairo – Mubasher: The Egyptian cabinet approved a proposal by the Ministry of Petroleum and Mineral Resources to cut outstanding natural gas debt owed by factories up until 31 December 2019.  

During its weekly videoconference meeting, the cabinet, chaired by the prime minister Mostafa Madbouly, approved to relieve indebted factories from EGP 5.31 billion in debt, according to a statement on Wednesday. 

The reduced amount, which involves late fees and other penalties, is line with the government’s efforts to support the local industry amid the coronavirus (COVID-19) pandemic.

Earlier, Egypt cut the price of natural gas for the industrial sector to $4.50 per 1 million British thermal units (MMBtu).