Back to the complete issue
Sunday, 20 November 2016

Refined petroleum demand product could see demand drop -ICIS

Refined petroleum products in Egypt face the prospect of negative demand growth as the prices of subsidized fuel products went up, petrochemicals market information provider ICIS suggests. “The price of gasoil, which accounts for a third of Egyptian demand, rose by 30% overnight, for example, albeit from a very low base. Given the wider inflationary pressures affecting consumer spending, we are likely to see a slowdown in oil demand growth-potentially even negative demand growth,” James McCullagh, an oil products analyst said. Polymers demand in Egypt is already suffering, ICIS says, due to foreign currency shortages. Local players are looking for “stability” in the market with one telling ICIS it could “take one or two weeks.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.