Wednesday, 1 July 2015

Ezz Dekheila denies it is in arrears to state on natural gas purchases

The gas-to-industry story is getting messier by the day. EGAS Chairman Khaled Badie insists that there are no plans to increase natural gas prices for industrial consumers. The EGAS boss’ remarks to Al-Masry Al-Youm were directly contradicted an assertion made by Investment Minister Ashraf Salman on which we reported yesterday. Salman was quoted as having said the government would be repricing natural gas and electricity for factories in the 2015-16 budget, with prices going up for some consumers. The same story also quoted Salman as saying that there had been no disruption in supply to Ezz Steel and two other steel producers, but rather that the three had been cut off because they owed back dues. That assertion prompted Ezz Dekheila to come out with a disclosure bluntly denying the report, saying that Ezz is “fully committed to paying its suppliers and creditors in full and on time.” The disclosure points out that EZDK is in fact owed EGP 612 million by GASCO for natural gas shipments for which it has paid, but which it has yet to receive. Read the disclosure here: EZDK Disclosure 15 year 2015

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