Egypt To Cancel Energy Subsidies For Fuel-intensive Factories -Report
Tuesday, Dec 20, 2011
CAIRO (Zawya Dow Jones)--Egypt's Minister of International Cooperation and Planning Faiza Abu El-Naga said energy subsidies would be removed for fuel-intensive factories, such as those processing fertilizers, steel and cement, daily Egyptian newspaper Al Shorouk reports Tuesday.
The government will apply this in January, Abu El-Naga was cited as saying in the newspaper.
Former finance minister Hezam el Bablawi has previously pointed to the wasteful spending on energy subsidies, but said the process of removing energy subsidies should be phased out to avoid a shock to the industrial sector, which is heavily reliant on the support. The Egyptian government spends about a quarter of its entire budget on fuel subsidies. Newspaper website: http://www.shorouknews.com
-By Farah Halime; Contributing to Dow Jones Newswires; Fhalime@gmail.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
Tuesday, Dec 20, 2011
CAIRO (Zawya Dow Jones)--Egypt's Minister of International Cooperation and Planning Faiza Abu El-Naga said energy subsidies would be removed for fuel-intensive factories, such as those processing fertilizers, steel and cement, daily Egyptian newspaper Al Shorouk reports Tuesday.
The government will apply this in January, Abu El-Naga was cited as saying in the newspaper.
Former finance minister Hezam el Bablawi has previously pointed to the wasteful spending on energy subsidies, but said the process of removing energy subsidies should be phased out to avoid a shock to the industrial sector, which is heavily reliant on the support. The Egyptian government spends about a quarter of its entire budget on fuel subsidies. Newspaper website: http://www.shorouknews.com
-By Farah Halime; Contributing to Dow Jones Newswires; Fhalime@gmail.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
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