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    The Cairo Post: Egypt Slashes Energy Subsidies to $7.8B in FY 2015/16 - PM

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Summary

Egypt will slash energy subsidies to $7.8 billion this year, the prime minister says. He also said Zohr will account for 70% of gas production in coming years

by: Erica Mills

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Press Notes, Africa

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The Cairo Post: Egypt Slashes Energy Subsidies to $7.8B in FY 2015/16 - PM

Egypt is adopting a plan to slash energy subsidies to reach 61 billion EGP ($7.8 billion) during this fiscal year (to end June 30,) newly appointed Prime Minister Sherif Isamail said late Saturday.

Egypt’s government is working to tackle the worst energy crisis that the country has faced over the past years due to fuel shortfalls at power plants, and increasing demand.

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“Egypt’s recent gas finding in the Mediterranean will represent around 70 percent of the country’s natural gas production in the coming period,” said Ismail.

Read the full article HERE.

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