Oil Ministry expects 4% annual increase in petroleum product consumption until FY2019-20

The Oil Ministry expects local consumption of petroleum products to increase to an annual 4% until FY2019-20, Al Shorouk reports. Consumption is forecasted to reach 7.76 mn tonnes during the upcoming fiscal year, up from 7.46 mn tonnes this year, and will reach approximately 8 mn tonnes in FY2019-20, according to the ministry. Meanwhile, Egypt’s petroleum production will reach 7.6 mn tonnes by FY2019-20. Separately, Oil Minister Tarek El Molla said yesterday that Egypt is on track to pay off all arrears to international oil companies within two years if payments continue at the same rate, according to Reuters. El Molla had said back in August that arrears had fallen to USD 2.3 bn, the lowest it has been since 2013.