Egypt’s energy subsidies have become a burden not only on the oil and gas sector, but also on other sectors in the economy like health, education and transport, Egypt Oil Minister Sharif Isma’il warns.
A 4 October statement on the oil ministry’s website cites Mr Isma’il as explaining that the size of the energy subsidy was a function of various variables such as foreign exchange rates, cost of petroleum imports, consumption levels, domestic prices of products, and local production of oil and gas. Since these variables are interrelated, a comprehensive study and various models would be necessary to arrive at the best solution for the national economy, he adds. (CONTINUED - 378 WORDS)
