Oil imports could drop 21.8% y-o-y in FY2019-2020 -gov’t sources

Egypt’s imports of crude oil and petroleum products could fall 21.8% to 22.2 mn tonnes in FY2019-2020, down from 28.4 mn tonnes last year, senior government officials said. This would reduce import costs to USD 13.1 bn, from USD 16.1 bn in FY2018-2019. Egypt’s ongoing natural gas boom is helping the government to reduce its dependency on energy imports, and last month it achieved a 1.56 bcf/d gas surplus.