Arab Finance: The Egyptian General Petroleum Corporation (EGPC) is planning to increase the country’s imports of crude oil by 40% as of the coming fiscal year (FY) 2024/2025, a government official told Asharq Business on October 23rd.
The move aims to halt the import of refined petroleum products, the source said.
The imports of crude oil will be upped by 2 million barrels per month as of July 2024 to reach a total of 7 million barrels, the source added.
In September, Prime Minister Mostafa Madbouly announced that Egypt would stop importing refined petroleum products, such as gasoline and diesel, and it would refine them locally.