BREAKING NEWS

Egypt's rising fuel bill reflects spiraling energy crisis

By REUTERS

DECEMBER 17, 2012 17:21

LONDON - Egypt is becoming increasingly dependent on fuel imports as it uses oil to pay off debts instead of refining the crude at home, in a downward spiral that is piling pressure on its deteriorating finances.

Political and social unrest is making suppliers and creditors nervous about financing Egypt, forcing it to rely more on sales of crude to cover imports of other products and debts.

This leaves less for Egyptian refineries to process into products such as diesel, forcing the state oil firm to rely on global markets for increasing volumes of fuel, traders and analysts say.

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