Egypt allocates USD 1 bln to end power cutoff

CAIRO, Egyptian Prime Minister Mostafa Madbouly stressed on Tuesday that one billion US dollars has been earmarked for importing fuel necessary for reducing power cutoffs exacerbated by consecutive heat waves. In a press conference, Madbouly stated the shipments will arrive in full around the third week of July, by which point the government aims to stop cutting power during the remaining summer months. He stated that the government has already started contracting for 300,000 tons of fuel oil worth USD 180 million to boost its strategic reserves, expected to arrive early next week. Egypt's government on Monday extended daily power cuts to three hours from two hours previously in response to a surge in domestic electricity consumption during the latest heat wave. He noted that the current crisis was triggered by one of the natural gas stations in a neighboring supply country, which he did not name, being out of service for 12 hours. These three-hour cuts will continue until the end of June, before returni ng to two hours in the first half of July with the aim of stopping completely for the rest of the summer, Madbouly said. He added that shopping malls are to be closed by 10 p.m. starting July, with the exception of supermarkets by 1 a.m. Source: Kuwait News Agency