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Egypt slashes factories’ natural gas subsidies

: Sunday, July 06 - 2014 @ 04:14

Egypt has cut its natural gas subsidies to several industries increasing gas prices by 30-75%, part of a broad government strategy to cut back subsidies that eat up to a fifth of its annual budget, Reuters has reported. Saturday’s new decision would increase the price of natural gas to $8 per one million thermal units for the cement factories and to $7 for the iron, steel, aluminium, copper, ceramic and glass industries. Last March, the government allowed cement companies to use coal for energy to avoid potential public anger over frequent blackouts that started after the 2011 uprising.

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Sunday, July 6- 2014 @ 4:14 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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