Mr. Anwar Essmat El Sadat addressed the Prime Minister with an urgent statement in reference to a publication made regarding the recent contract between the British Petroleum Company and Egypt.
This contract will incidentally give the British Petroleum Company full control of a 20-year monopoly of Egypt’s largest natural gas well. This monopoly may result in a shortage, causing Egypt to import natural resources at a price higher than the export price for various countries.
Moreover, this will negatively affect Egyptian citizens due to the increased price of local petrol consumption and its variable according to the price of oil.
This is a reflection of the government’s mismanagement, resulting in waste of Egypt’s natural resources.
This will have adverse consequences and thereby contribute to the increasing budget deficit, adding to the poverty level as well as the burden of the Egyptian citizen, who cannot withstand increasing petrol prices.
In his statement, El Sadat urged that there should be quick interference to save and protect the Egyptian natural energy resources and the oil authority from the continuing line of losses it suffers under the recent administration.
In such scope, El Sadat recommended a comprehensive revision of past and present oil contracts and policies in order to correct these mistakes, which affect the public interest and cause great losses.
Finally, El Sadat also stressed the importance of the role of the People's Assembly as a representative of the Egyptian citizen and the Assembly’s duty as a protector of Egyptian resources.
This contract will incidentally give the British Petroleum Company full control of a 20-year monopoly of Egypt’s largest natural gas well. This monopoly may result in a shortage, causing Egypt to import natural resources at a price higher than the export price for various countries.
Moreover, this will negatively affect Egyptian citizens due to the increased price of local petrol consumption and its variable according to the price of oil.
This is a reflection of the government’s mismanagement, resulting in waste of Egypt’s natural resources.
This will have adverse consequences and thereby contribute to the increasing budget deficit, adding to the poverty level as well as the burden of the Egyptian citizen, who cannot withstand increasing petrol prices.
In his statement, El Sadat urged that there should be quick interference to save and protect the Egyptian natural energy resources and the oil authority from the continuing line of losses it suffers under the recent administration.
In such scope, El Sadat recommended a comprehensive revision of past and present oil contracts and policies in order to correct these mistakes, which affect the public interest and cause great losses.
Finally, El Sadat also stressed the importance of the role of the People's Assembly as a representative of the Egyptian citizen and the Assembly’s duty as a protector of Egyptian resources.
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