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Thursday, 4 August 2016

Gov’t to reduce gas prices to steel manufacturers in September -Kabil

The government could cut gas prices for the steel industry to USD 4.5/mmBtu from USD 7 / mmBtu as of September, Trade and Industry Minister Tarek Kabil told Al Mal. The decision was first announced in March this year. The decision will cost the state USD 1.2 bn, but the Ismail government says, but will add USD 1.5 bn to state coffers by cutting imports, boosting exports and through new sales tax revenues. We had previously reported that Finance Minister Amr El Garhy had refused a blanket reduction in gas prices just last week at a meeting with Federation of Egyptian Industries Chairman Mohamed El Sewedy.

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