Bloomberg News

Egypt Allocates $100 Million in New Funds for Fuel Purchases

June 03, 2012

Egypt’s finance minister said today his ministry had allocated an additional $100 million for fuel purchases in a bid to ease ongoing shortages in the market.

Momtaz el-Saieed said in a statement that the ministry had also taken “urgent measures” to ensure that other commodities were available in the market.

The additional funds raised to $4.3 billion dollars the amount given to the Egyptian General Petroleum Corp. until now, the minister said, without saying over what period the funding had been provided.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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