According to a source at the Holding Company for Natural Gases (EGAS), EGAS has refused to supply natural gas for factories at USD4.5/mmbtu, as requested earlier by the Federation Of Egyptian Industries. The source added that Egypt imports 1.2 bcf/d of natural gas at an average price of USD7.5/mmbtu, therefore supplying factories at USD4.5/mmbtu would be considered a subsidy. The source also stated that cost of purchasing natural gas domestically from international oil producers stands at cUSD5/mmbtu, which brings the cost of natural gas in the local market close to USD6/mmbtu, which is also above the price requested by the Federation Of Egyptian Industries. According to the article in Al Borsa, the decision to cut gas prices is still being studied by the Ministry of Trade and Industry. The article added that Fertiliser producers are eligible for a gas price of USD4.5/mmbtu, given that they supply the local market with urea at subsidised prices, which benefits the local agricultural sector. (Al Borsa)