Egypt needs to import $1.18 billion in fuel to end power cuts
EGYPT needs to import around $1.18 billion worth of mazut fuel oil and natural gas to end persistent power cuts exacerbated by consecutive heat waves, its Prime Minister Mostafa Madbouly said in a televised address. It hopes the shipments will arrive in full around the third week of July, by which point the government aims to stop cutting power during the remaining summer months, he added. It has already started contracting for 300,000 tonnes of mazut worth $180 million to boost its strategic reserves which are expected to arrive early next week. Egypt's government on Monday extended daily power cuts to three…