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Suez Canal diversions pile pressure on Egypt’s distressed economy

Suez Canal diversions pile pressure on Egypt’s distressed economy

A sharp downturn in revenue after sea attacks by Yemen's Houthis diverted shipping away from the Suez Canal has struck a painful new blow to Egypt's already deteriorating economy, adding urgency to the need for reforms and help from abroad. Nearly all Egypt's main sources of foreign currency - natural gas exports, tourism, worker remittances from abroad, and now Suez Canal revenue - have all come under recent and severe pressure. Egypt needs foreign currency not only to import essential commodities to feed its people but also to repay $189.7 billion in foreign debt, most of it racked up over…
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Egypt’s Suez Canal revenue hits $7 billion record peak

Egypt’s Suez Canal revenue hits $7 billion record peak

EGYPT'S Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year, Canal Authority Chairman Osama Rabea said on Monday. A statement from the authority attributed the rise to an increase in vessel numbers and cargoes, with total cargoes reaching a record high of 1.32 million tonnes, up 10.9% from 2020/21. The number of vessels transiting the canal rose 15.7% to 22,032. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency. A 2015 expansion of…
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Nigeria lost $1 billion crude oil revenue to theft

Nigeria lost $1 billion crude oil revenue to theft

NIGERIA lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said on Friday, warning the practice was a threat to the economy of Africa's top producer. Nigeria loses millions of barrels of crude oil a year because of theft and vandalism including the tapping of crude from a maze of pipelines owned by oil majors, underscoring how poor security causes vast financial losses for the country. Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission, said of the 141 million barrels of oil produced in the first…
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