Transfers to EDL Declined by an annual 21.84% to $194.93M by February 2020

According to the Ministry of Finance, transfers to EDL stood at $194.93M by February 2020, decreasing by 21.84% compared to the same period last year. This was mainly due to lower payments to KPC and Sonatrach for fuel oil purchases, lower debt services and no transfers to Electricity Syria.

In details “Payments to fuel and oil gas suppliers KPC and SPC”, constituting 99.59% of total transfers, decreased yearly by 21.88% to $194.13M by February 2020, as the volumes of fuel oil and gas oil imported declined annually by 20.66% and 52.33%, respectively. However, the weighted average price of oil per barrel increased slightly by 1.32% to $63.35 in the first 2 months of 2020.

EDL contributed 0.04% of the total Jan-Feb 2020 oil bill, lower than the 0.06% share paid in the same period last year, out of a higher bill of $248.76M. In nominal terms, EDL’s contribution amounted to $79,602 in Jan-Feb 2020, compared to $152,570 during the same period of 2019.

EDL transfers represented a share of 8.75% of the government’s primary expenditures, which reached $2.22B by February 2020, compared to a higher share of 13.13% last year.

Contribution of EDL from Total oil Bill by February

Transfers to EDL Declined by an annual 21.84% to $194.93M by February 2020

Source: MOF

Leave a Reply

Your email address will not be published. Required fields are marked *