Reuters reported that Egypt is finalizing plans for the removal of energy subsidies for its industrial sector, a phase out agreed on since 2007.

Mr Mahmoud Eisa trade and industry minister of Egypt said that "The situation in Egypt of subsidizing such industries is very strange and it is a very heavy burden because no country can do it like this."

Mr Eisa said that the government would start the phase out with energy intensive industries, such as steel and cement. Many of these firms were exporting their products which meant that they are exporting subsidized energy.

(Sourced from Reuters)