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Faced with financial challenges, Tunisia resorts to its strategic stockpile to meet the rising demand for petroleum

An official in the Tunisian Ministry of Energy confirmed that his country is currently using its strategic stock of petroleum products to be able to meet domestic demand, while its public finances are under severe pressure as a result of the Ukraine crisis.


 


The Director General of Hydrocarbons at the Ministry of Industry, Mines and Energy, Rachid Ben Dali, revealed in a statement to the Tunis Africa News Agency, that the national production of oil products is currently estimated at about 35,000 barrels per day, while the consumption of petroleum products is about 90,000 barrels per day. While the production capacity of the Tunisian Company for Refining Industries is 32,000 barrels per day.


 


Additionally, the public finances of Tunisia, which officials say is facing its worst crisis, recorded additional losses of about two billion dollars due to the repercussions of the war between Ukraine and Russia on grain and energy prices.


 


The Tunisian News Agency quoted the Director General of the Hydrocarbons Department in the Tunisian Ministry of Energy, Rachid Ben Dali, as saying, "This situation is very accurate, and it represents a weekly war in view of the scarcity of petroleum materials and the current financial situation in Tunisia and the Ukrainian crisis, all of which are pressures under which the state treasury is under." .


 


He added that the consumption of petroleum products is about 90,000 barrels per day, while the production capacity of the Tunisian Company for Refining Industries is 32,000 barrels per day, noting that 58,000 barrels per day must be covered by import.


 


Tunisia suffers from an economic and financial crisis, exacerbated by the repercussions of the Corona pandemic and a Russian war on Ukraine, in addition to the political instability that the country is experiencing, especially since President Kais Saied began imposing exceptional measures on July 25, 2021.


 


Hence, the country is continuing negotiations with the International Monetary Fund to obtain a loan to support its budget in light of rising food and energy prices globally.


 


The World Bank said on Wednesday that it had agreed to provide Tunisia with a $130 million loan to finance wheat imports and provide emergency support to cover barley imports for dairy products.


 


The Central Bank of Tunisia said - in a statement - that the loan aims to reduce the impact of the Ukraine war on the country.


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Tags: #Economy #petrol #Energy #Tunisia #Finance #Loans



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