Egypt’s natural gas transition is in line for a boost by the government
Subsidized loans and more may be in the cards for those looking to convert petrol-powered cars to run on natural gas after President Abdel Fattah El Sisi called on the Central Bank of Egypt (CBE) and the Madbouly government to provide car owners with “appropriate” financial incentives. The president made the remarks at a meeting […]
EGPC to borrow $850 million from domestic banks to repay IOCs
EGPC set to receive USD 850 mn in financing from domestic banking consortium to repay IOCs? The Finance Ministry has reportedly agreed to issue letters of guarantee for two loans to the EGPC worth a combined USD 850 mn, sources close to the matter tell Al Mal. The funding, which will be used to repay […]
Egypt's petroleum exports surge by 16.8% in Q1 of FY2017/18
Egypt’s exports of crude oil and petroleum products increased 16.8 percent during the first quarter of financial year 2017/2018, data from the Central Bank of Egypt (CBE) showed Sunday. Petroleum exports amounted to $1.8 billion in the first quarter (July-September), compared to $1.5 billion in the same period last year, according to the CBE. The […]
Egypt pays another $750 million in IOC arrears, total $1.5 billion paid in May & June
CBE Official: Egypt paid $1.5 billion in arrears to international oil firms in May, June. Egypt has paid $1.5 billion in arrears to international oil companies in May and June, the Central Bank of Egypt’s (CBE) Assistant Deputy Governor Rami Aboul Naga told state-owned news agency MENA. Abul-Naga said that a payment of $750 million […]
Egypt paid $750 million in IOC arrears, to pay another $750 million in June
Egypt has paid off $750 million of its debt to international oil companies and will make a second payment of the same amount at the start of next month, Central Bank Governor Tarek Amer said on Tuesday. Egypt has struggled to pay arrears to foreign oil and gas companies operating in the country, with outstanding […]
CBE: Egypt pays Italy's Eni $630 million for Zohr gas field development
The Central Bank of Egypt (CBE) said on Tuesday it has paid the government’s financial obligation to Italian energy company Eni for the development of the giant Zohr gas field discovered off the Mediterranean coast in 2015. In statements to state news agency MENA, CBE Assistant Subgovernor Rami Aboul Naga said the bank paid $630 […]
Egypt: Energy reform underway (ABO.net)
By March 2017, Cairo will reorganize the oil industry and Egypt’s national energy company EGPC, whilst adhering to the demands of the International Monetary Fund, which is preparing to grant the second tranche of the $12 billion loan. The International Monetary Fund (IMF) has ensured that Egypt is complying with its commitments to economic policy […]
UK Embassy: BP to invest $13 billion in Egypt before 2020
British oil company BP Global has plans to invest some $13 billion in Egypt before 2020, the UK embassy in Cairo said in a statement on Monday. According to the embassy, Britain has been providing investment flows worth $30.5 billion since 2011, with three major British companies – Vodafone, Unilever and GlaxoSmithKline – investing EGP […]
Egypt's Petroleum Ministry arrears to IOCs increase to $3.6 billion
Egypt’s Ministry of Petroleum’s dues to foreign oil and gas companies, cooperating with the Egyptian General Petroleum Corporation (EGPC), increased to reach about $3.6bn, compared to $3.5bn at the end of fiscal year (FY) 2015/2016. A senior source in the Ministry of Petroleum told Daily News Egypt that the ministry is to repay part of […]
