Petroleum Ministry increases fuel imports value to $971m in December 2017

The state’s total petroleum imports increased in December 2017 to reach $971m, compared to $538m in December 2016, a $432m increase.

The Central Agency for Public Mobilisation and Statistics (CAPMAS) confirmed in its latest report that the state’s petroleum imports were divided into crude petroleum and petroleum products, in addition to coal and other products needed by the local market. The value of crude oil imports reached $250m in December, compared to $244m in December 2016, a $6.6m increase.

As for the value of petroleum products, it has amounted to EGP 245m, compared to $264m in the prior year, a $19m decline.

The CAPMAS noted that the value of coal imports increased greatly and recorded $50m last December, compared to $28m in December 2016, an increase of $21m.

Consumption rates of diesel declined in December 2017 to nearly 1.22m tonnes, compared to 1.27m tonnes in December 2016. The production of diesel declined to 546,000 tonnes in December, compared to 558,000 in December 2016.

As for butane, the CAPMAS pointed out that the volume of consumption reached 375,000 tonnes, compared to 386,000 tonnes during the prior year, adding that there is stability in the production of butane which reached 154,800 tonnes in December 2017.The report by the CAPMAS pointed out that import rates reached 235,600 tonnes in December, compared to 193,500 tonnes in December 2016.

The Ministry of Petroleum plans to achieve self-sufficiency in petroleum products and natural gas over the upcoming years, coinciding with the many wells and fields entering the production phase, with Zohr and North Alexandria’s fields being the top producers.