Egyptian Prime Minister announces $1.18 billion investment in diesel and gas imports to prevent electricity outages.

During a televised speech on Tuesday, Egyptian Prime Minister Mostafa Madbouly announced that Egypt would need to import around $1.18 billion worth of fuel oil and natural gas to address the ongoing power outages exacerbated by successive heat waves. He detailed that these shipments are expected to arrive in the third week of July, with the government aiming to eliminate electricity cuts during the remaining summer months. Additionally, Madbouly mentioned that Egypt has secured a contract for 300,000 tons of diesel valued at $180 million to bolster strategic reserves, with delivery anticipated in the coming week.

With electricity consumption soaring during the recent heat wave, the Egyptian government extended daily power outage periods to three hours from the usual two hours. Madbouly clarified that this extended outage schedule will continue until the end of June, reverting to two-hour periods in the first half of July, with the ultimate objective of eliminating outages for the remainder of the summer. The government’s actions aim to mitigate the impact of the heat wave on power supply and ensure uninterrupted electricity for households in Egypt.