Egypt needs $8 billion over the 10 months from September to import petroleum for domestic usage, an official at the Egyptian General Petroleum Corporation said.
The official, who spoke on condition of anonymity, said that Egypt would have to spend in the event that Arab States, who had pledged to provide free oil shipments until the end of the month, decided to halt their aid.
In a telephone conversation with the Anadolu news agency, the official said that his country expects an approval from the Arab countries to extend their oil aid, and that they may receive $4 billion during the remaining 10 months of the current fiscal year.
The official said that, on average petroleum, the Petroleum Authority imports products worth approximately $9.5 billion annually.
The Egyptian General Petroleum Corporation (EGPC) is associated with the Ministry of Petroleum and Mineral Resources, and oversees public sector companies for oil and most of the companies involved in the joint sector with foreign partners.
The official pointed out that Egypt received a grant of petroleum from Saudi Arabia for the months of July and August only, valued at $1.4 billion, indicating that the EGPC must import $8 billion of fuel for the 10 remaining months of the fiscal year.
The fiscal year in Egypt runs from the first of July until the end of June.
The EGPC estimated the cost of imports as being $110 per barrel of oil for the fiscal year 2014-2015.
Egypt has asked the United Arab Emirates and Saudi Arabia to renew their oil grants package until the end of the fiscal year 2014-2015, and this is currently being considered.
The value of Petroleum grants obtained by Egypt from the Gulf countries of Saudi Arabia, United Arab Emirates and Kuwait, reached $7 billion during the fiscal year 2013-2014, from the total assistance provided by these countries during the same year, which the Egyptian Ministry of Finance estimates to amount to $16.7 billion.