Egypt Fuel Subsidies May Reach $19 Billion in 2012, Al Mal Says

Egypt’s fuel subsidies are expected to reach 114 billion Egyptian pounds ($18.9 billion) in 2012 compared with 100 billion pounds in the previous year, Al Mal reported, cited Hani Dahi, chairman of Egyptian General Petroleum Corp.

Egypt spent $6 billion on imports of oil products in 2011, the Cairo-based newspaper cited Dahi as saying.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net.

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