Oil Minister seeks to strike a balance between securing energy needs and eliminating fuel subsidies
The Ministry of Oil is focusing on striking a balance between securing energy needs and eliminating fuel subsidies over a period of ten years, Oil Minister Tarek El Molla said. The government’s plans to reduce energy subsidies over the coming five to six years will be coupled with a five-year plan to increase energy efficiency by 12-15%, generating savings worth USD6-8 billion, he added. El Molla said foreign investment in sector reached USD7 billion in 2015. (Al-Ahram)
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