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(adsbygoogle = window.adsbygoogle || []).push({}); Egypt Struggles to Pay for Oil, Liquefied Natural Gas Supplies Amid Currency Crisis - Algeria latest news

Egypt, which Israel is counting on as a major export market for its natural gas, is struggling to pay for U.S.-dollar-priced oil product and liquefied natural gas (LNG) imports, canceling purchases and asking suppliers to extend payment terms amid an acute foreign currency crisis, industry sources said.
Egypt, which depends on oil and gas imports, has faced a sharper decline in foreign currency receipts since the Russian airliner disaster last October, which has hit tourism, while low oil prices limit aid from Gulf allies, banking and trade sources said.
The sources said Egypt has asked oil and LNG suppliers to extend payment terms to 90 days after delivery earlier this month due to the currency crisis.


Tag(s) : #Middle East

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