Repayment period for gas shipments & petroleum products increased to 90 days instead of 30
El-Molla: All concluded products with foreign companies were modified in order to provide fuel. The Ministry of Petroleum has modified all the concluded contracts with foreign companies to supply petroleum products and gas shipments. Among the modifications is an increase in the period of repayment to three months from the date of the shipment’s arrival […]
Petroleum Ministry agrees to sign revolving Letter of Credit for Zohr
Petroleum Ministry moves to reassure Eni over Zohr. The Petroleum Ministry has agreed to add a requirement to its agreement with Eni over the Zohr field requiring the state to open a revolving letter of credit facility worth the equivalent of Eni’s stake in production, Al Borsa reported. The move, Petroleum Minister Tarek El Molla […]
El-Molla: Idku and Damietta liquefaction plants to operate at full capacity by 2020/2021
Petroleum Ministry agreed with Shell to adjust the 9B gas prices and export 125m cubic feet daily. The Ministry of Petroleum and Mineral Resources aims to rerun Idku and Damietta factories for liquefaction in their full capacity in order to export gas shipments to global markets by 2020/2021. Petroleum Minister Tarek El-Molla told Daily News […]
Eni CEO Claudio Descalzi: Egypt can be one of the solutions for European energy security
The following is a condensed and edited interview with Eni CEO Claudio Descalzi from Bloomberg Businessweek. How have you responded to the sharp decline in crude oil prices? Fortunately we had a strategy to own conventional assets, which means a very low cost and very low break-even price. At the moment we have one of […]
Siemens reportedly offers to build 10 GW wind farm, blade & turbine factory
Siemens has reportedly offered to build a 10 GW wind farm in an undisclosed location in Egypt, according to an unnamed source at the electricity ministry, Al Borsa reported. Siemens is also reportedly set to build a factory to produce blades and turbines for potential export, the source said, adding that the New and Renewable […]
Apache starts deploying additional capital as oil prices improve
Oil and gas producer Apache Corp said on Thursday it had started deploying additional capital and expected spending this year to be at the higher end of its forecast range, given “modest signs of improvement” in oil prices. Apache said it expected to spend at the high end of its 2016 capital forecast of $1.4 […]
BP, Edison & Total reportedly interested in Zohr stake
BP, Edison and Total have reportedly expressed interest in acquiring a stake in Eni’s Zohr field, sources told Al Mal. The three companies are seeking technical information about the field and some have already begun negotiations with Eni, the source added. Eni could be looking to sell around a 40% stake in the field for […]
Egypt evaluates 8 state-owned oil companies for IPO or share-issuance
Egypt’s Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday. The Egyptian presidency announced in January that Egypt would soon offer shares of “successful” state-owned companies and banks on the local […]
Four companies expressed interest in exploration blocks tendered by EGPC
Four companies have expressed interest in the 11 E&P projects in the Gulf of Suez and the Western Desert tendered by EGPC earlier this year, including US firms Apache Crop, Eos Petro, Greece’s Aegean Oil, and a Chilean company, sources at EGPC told Al Mal. The authority has not received bids from any of the […]
GASCO to hire domestic companies for transporting natural gas from Raven field to Western Desert Gas Complex
The Egyptian Natural Gas Company (GASCO) could potentially hire domestic energy companies such as Enppi and Petrojet to provide technical support as well as engineering and design services to transport gas from the Raven field in the North Alexandria Concession to the Western Desert Gas Complex, an unnamed source told Al Mal. Natural gas would […]
