According to the Ministry of Finance, transfers to EDL witnessed a significant yearly increase of 37.87% to reach $ 1.23B by September 2018.
In details “Payments to fuel and oil gas suppliers KPC and SPC” (which grasped 98.49% of the total amount) climbed by 40.08% to $ 1.22B by September 2018. This 40.08% rise was mainly driven by a 41.26% higher average prices of crude oil from $51.43/barrel by September 2017 to $72.65/barrel by September 2018 and higher Volume of imported fuel oil and gas oil by 4.42% and 6.11% respectively, during the same period.
Transfers to Electricity Syria in Jan‐Sep 2018 were 29.4 % lower than the amount paid in Jan‐Sep 2017 and reached $12.67M by Sep 2018.
Furthermore, EDL contributed 0.3% from a total oil bill of $1.22B in Jan‐Sep 2018, down from its previous share of 2% from a total oil bill of $855.57M, in the same period of 2017.
Out of the government’s primary expenditures, which reached $9.26B in the period Jan-Sep 2018, EDL transfers represented a share of 13.3% of the total compared to a share of 13.2% by Sep 2017.
The contribution of EDL in the Total Oil Bill by September
Source: MoF