{"id":637222,"date":"2017-11-12T04:00:21","date_gmt":"2017-11-12T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/fuel-subsidy-spending-rises-68-y-o-y-in-1q2017-18-el-molla-says\/"},"modified":"2017-11-12T04:00:21","modified_gmt":"2017-11-12T04:00:21","slug":"fuel-subsidy-spending-rises-68-y-o-y-in-1q2017-18-el-molla-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/fuel-subsidy-spending-rises-68-y-o-y-in-1q2017-18-el-molla-says\/","title":{"rendered":"Fuel subsidy spending rises 68% y-o-y in 1Q2017-18, El Molla says"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Fuel subsidy costs rose 68% y-o-y to EGP 23.5 bn in 1Q2017-18, up from EGP 14 bn in the same quarter of the previous fiscal year<\/strong>, Oil Minister Tarek El Molla told reporters yesterday, <a href=\"https:\/\/english.alarabiya.net\/en\/business\/economy\/2017\/11\/11\/Egypt-says-fuel-subsidy-costs-rise-no-price-hikes-this-year.html\">Reuters reports<\/a>. The minister reaffirmed that the government would not raise fuel subsidies again during this fiscal year, but said gasoline subsidies will be lifted altogether within five to ten years; some form of subsidy will remain in place for diesel fuel and gas cylinders, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/281325\/Business\/Economy\/Egypt-not-cutting-fuel-subsidies-before-July--Oil-.aspx\">according to Ahram Online<\/a>. The partial lifting of fuel subsidies since November 2016 has trimmed EGP 4 bn off the state\u2019s expenditures this year, El Molla says. As <a href=\"https:\/\/enterprise.press\/stories\/2017\/08\/09\/egp-float-drives-fuel-subsidy-spending-up-135-3-y-o-y\/\">we noted previously<\/a>, the government is projecting that spending on fuel subsidies this fiscal year will record EGP 110 bn.<\/p>\n<p><strong>Egypt plans to completely halt importing LNG by the end of 2018<\/strong>, particularly as domestic production will be given a further boost once the Zohr field comes online, El Molla said, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1640023.aspx\">Ahram Gate reports<\/a>. The imports will continue through 1H2018 as Egypt is tied to contracts with LNG importers, according to the minister. Ending imports comes as Egypt plans to <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/11\/oil-sector-development-should-be-completed-by-2018-instead-of-2021-el-molla\/\">turn into a regional energy hub<\/a> by 2018.<\/p>\n<p><strong>El Molla also confirmed that the government is planning to repay another portion of its arrears to international oil companies before the end of December<\/strong>, <a href=\"http:\/\/www.youm7.com\/story\/2017\/11\/11\/%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%AA%D8%AE%D9%81%D9%8A%D8%B6-%D9%85%D8%AF%D9%8A%D9%88%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%A1-%D8%A7%D9%84%D8%A3%D8%AC%D8%A7%D9%86%D8%A8-%D9%82%D8%A8%D9%84-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\/3505451\">according to Youm7<\/a>. Arrears to IOC had <a href=\"https:\/\/enterprise.press\/stories\/2017\/09\/17\/iocs-raise-investments-in-egypt-to-usd-10-bn-this-year-el-molla\/\">dropped to USD 2.3 bn<\/a> in September.<\/p>\n<p>Separately, <a href=\"http:\/\/gate.ahram.org.eg\/News\/1640019.aspx\">El Molla announced<\/a> that <strong>the government is in talks to import more crude from Iraq<\/strong>, buying as much as 24 mn bbl per year at a rate of 2 mn bbl per month, up from 12 mn bbl per year under the current contract. The new agreement is expected to be signed in January 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fuel subsidy costs rose 68% y-o-y to EGP 23.5 bn in 1Q2017-18, up from EGP 14 bn in the same quarter of the previous fiscal year, Oil Minister Tarek El Molla told reporters yesterday, Reuters reports. The minister reaffirmed that the government would not raise fuel subsidies again during this fiscal year, but said gasoline [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-637222","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1050dcf8-9e61-4471-8027-e413db085bf7","order":"0","is_powered_by":true,"section_story_id":"9fdc7ee7-be5e-4ae6-8446-83ec162ebbb6","story_type":"1","photo_url":"","photo_position":"above","related_issue":[637211],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fuel subsidy spending rises 68% y-o-y in 1Q2017-18, El Molla says - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/fuel-subsidy-spending-rises-68-y-o-y-in-1q2017-18-el-molla-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel subsidy spending rises 68% y-o-y in 1Q2017-18, El Molla says\" \/>\n<meta property=\"og:description\" content=\"Fuel subsidy costs rose 68% y-o-y to EGP 23.5 bn in 1Q2017-18, up from EGP 14 bn in the same quarter of the previous fiscal year, Oil Minister Tarek El Molla told reporters yesterday, Reuters reports. 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Egypt has moved to gradually reduce fuel subsidy spending over the past\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597908,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/08\/egypt-fuel-subsidies-spending-falls-28-in-the-first-nine-months-of-fy2018-19\/","url_meta":{"origin":637222,"position":1},"title":"Egypt fuel subsidies spending falls 28% in the first nine months of FY2018-19","author":"enterpriseam admin","date":"8 May 2019","format":false,"excerpt":"Fuel subsidies spending falls 28% in the first nine months of FY2018-19: Government spending on fuel subsidies fell to EGP 60.1 bn in the first nine months of FY2018-19, declining 28.45% y-o-y from EGP 84 bn during the same period a year earlier, Oil Minister Tarek El Molla told Reuters\u2019\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591840,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/18\/govt-to-beat-fuel-subsidy-spending-targets-in-2q-govt-source\/","url_meta":{"origin":637222,"position":2},"title":"Gov\u2019t to beat fuel subsidy spending targets in 2Q - gov\u2019t source","author":"enterpriseam admin","date":"18 December 2019","format":false,"excerpt":"BUDGET WATCH- Gov\u2019t to beat fuel subsidy spending targets in 2Q -gov\u2019t source: The government will not spend more than EGP 10 bn on fuel subsidies in 2Q2019-2020, beating the EGP 13.23 bn quarterly allocations included in the state budget, an unnamed government source told Al Mal. Fuel subsidies spending\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600308,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/egypts-fuel-subsidy-bill-falls-15-in-1h2018-19\/","url_meta":{"origin":637222,"position":3},"title":"Egypt\u2019s fuel subsidy bill falls 15% in 1H2018-19","author":"enterpriseam admin","date":"27 January 2019","format":false,"excerpt":"State\u2019s fuel subsidy bill falls 15% in 1H2018-19: Egypt\u2019s fuel subsidy bill fell 14.7% y-o-y in 1H2018-19 to EGP 43.5 bn, Oil Minister Tarek El Molla told Reuters on Wednesday. Egypt is expecting to spend around EGP 90 bn in total on fuel subsidies in the fiscal year ending in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637400,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/talking-heads-remain-concerned-about-the-fate-of-gerd\/","url_meta":{"origin":637222,"position":4},"title":"Talking heads remain concerned about the fate of GERD","author":"enterpriseam admin","date":"15 November 2017","format":false,"excerpt":"The airwaves served up an array of topics last night, including concerns over the Grand Ethiopian Renaissance Dam (GERD) talks and Egypt\u2019s fuel subsidy bill.The government is sticking to its plans to completely lift fuel subsidies within 4-5 years, but subsidies will remain at their current levels for the remainder\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632346,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/08\/fuel-subsidies-expenditure-up-34-y-o-y\/","url_meta":{"origin":637222,"position":5},"title":"Fuel subsidies expenditure up 34% y-o-y","author":"enterpriseam admin","date":"8 February 2018","format":false,"excerpt":"Fuel subsidy costs are up 34% y-o-y in 1H2017-18, Oil Minister Tarek El Molla told Reuters. The cost has gone up to EGP 51 bn from EGP 38 bn, but El Molla notes that the spent amount remains EGP 4 bn below budgeted. In total, the government expects to spend\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=637222"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637222\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/637211"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=637222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=637222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=637222"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=637222"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=637222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}