Cairo – Mubasher: Egyptians consume petroleum and gas products worth $900 million (EGP 8 billion) monthly, said President Abdel Fattah El-Sisi at the inauguration of Misr Fertilisers Production Company (MOPCO) factory in Damietta.
If state output were sold as per global prices, the president continued, it would generate EGP 200 billion. But it generates EGP 124 billion and, if subsidised, EGP 88 billion, the president said.
The expansion of MOPCO’s factory entails running the first line in June and the second in December financed through loans from 22 local banks worth $1.050 billion, added to $910m from the company's shareholders.
Earlier, Amr al-Garhy, the minister of finance, said fuel subsidy spending will be diminished by 42.6% in 2016/17 to EGP 35 billion.
