Suez Canal to Lose 10% of Revenue
The Suez Canal, one of Egypt’s main sources of badly needed hard currency, is expected to lose 10% of its revenues this year as a result of the U.N. blockade of Iraq, an official said Sunday.
Mohammed Izzat Adel, chairman of the Suez Canal authority, told the state-owned Middle East News Agency that before the embargo was imposed in August, Iraq and Kuwait accounted for the annual export of 7 million tons of oil through the canal.
Their imports through the international waterway were also halted as a result of the embargo, imposed after Iraq invaded Kuwait on Aug. 2.
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