Egypt Pivots to Cheap Oil as Gas Proves Too Pricey for Power

Egypt is buying large amounts of oil to run its power plants as the high cost of natural gas redraws the Middle East country’s purchases of energy feedstocks.

State-owned Egyptian General Petroleum Corp. recently issued a tender for just under 2 million tons of fuel oil for delivery this month and next. The country prefers the product as a feedstock for power generation over comparatively expensive piped gas and liquefied natural gas, a person with direct knowledge of the matter said.