File - An Egyptian woman carries a child while as she walks past vehicles jamming a gas station that ran out of fuel supplies, on the outskirts of Cairo, Egypt, Monday, March 11, 2013. (AP Photo/Nasser Nasser)
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Egypt, the Arab world's most populous nation, is poised to get its first cargo of imported liquefied natural gas before summer to help meet rising demand as local production slumps, Oil Minister Sherif Ismail said.Debts to foreign oil companies increased to $4.8 billion by the end of 2013, according to Ismail.Egypt is producing 5.1 billion cubic feet of natural gas daily, the minister said. BG, which gets about 18 percent of its production from Egypt, made the declaration on Jan. 27 after gas was diverted to the domestic market from export terminals.Costs for fuel subsidies are set to increase to 140 billion Egyptian pounds ($20 billion) in the fiscal year through June from 128 billion pounds in the prior period, Ismail said.
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