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March 20, 2020

Egypt reduces energy prices for industrial users during Covid-19

By MEED   

Egypt is reducing energy prices for industrial users as part of measures to soften the economic impact of the coronavirus (Covid-19).

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The country will lower the price of natural gas for industrial use to $4.50 per one million British thermal units (BTUs), the Egyptian Government said in a statement released on 17 March. It had previously been charging $5.50.

The government will also reduce the price of electricity to heavy industry to EGP0.10 ($0.0064) a kilowatt-hour, down from EGP1.10, and leave electricity prices for other industries stable for three to five years.

Egypt had been raising energy prices annually over the past few years, with the ultimate goal of removing all subsidies.

In July 2019, Egypt introduced a round of fuel subsidy cuts, raising domestic prices by between 16% and 30% to bring them into line with their real cost, as it nears the end of an International Monetary Fund (IMF)-backed economic reform programme.

Impact of Covid-19 on Egypt

The country has had 196 confirmed cases of Covid-19 and has announced that airline travel will be banned for two weeks from 19 March.

The economic impact of the virus on Egypt’s economy is expected to be severe and threatens to devastate the country’s tourism industry, which is worth $12.5bn a year.

In an announcement on 17 March, Egypt also announced that it was cutting dividend tax to soften the impact of Covid-19.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here

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Navigate your business through the ‘new normal’

COVID-19 continues to dominate headlines the world over. It has already affected our lives forever. The way we work, shop, eat, seek medical advice, and socialize will all be different in the future. Quite how different remains to be seen, but all industries must plan for multiple eventualities.  Faced with an explosion of conflicting information on how to plan and implement successful recovery strategies, decision-makers are in dire need of a single, reliable source of intelligence.   GlobalData’s COVID-19 Executive Briefing gives you access to unparalleled data and insights to successfully navigate the uncertain road to recovery across the world’s largest industries. Understand every aspect of this disruptive theme by delving into: 
  •  COVID-19 infection update, with statistics on the spread, testing by country, as well as the latest data on vaccines and therapeutic developments 
  • Economic impact overview, covering stock market indices, GDP, unemployment rates, policy responses & GlobalData’s economic recovery scorecards 
  • Sector developments, with access to sector insight summaries, cross-sector indices and the leaders and laggards in each industry vertical 
Whatever your company’s imminent strategic plans, the long-lasting impact of COVID-19 must not be overlooked. Find out how to futureproof your business operations – download our report today. 
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