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Tag: IMF

Petroleum Economist: IMF says Egypt needs more energy reforms

Posted: August 22, 2018 at 9:00 pm   /   Oil & Gas

The Egyptian economy continued to improve in 2018, according to the organisation, but further measures are needed. In 2016, the International Monetary Fund agreed to help Egypt’s economy recover from years of crisis by providing it with disbursements totaling $12bn. The deal was conditional on the government reducing subsidies on basic goods and services, including […]

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Fuel Egypt

Egypt hikes fuel, electricity prices in IMF-backed austerity drive

Posted: June 17, 2018 at 8:24 pm   /   Electricity & Power, Oil & Gas

Egypt has raised gasoline prices by up to 50 percent, the oil ministry said on Saturday, under an IMF reform plan calling for austerity measures that have made life tougher for ordinary Egyptians. Oil Minister Tarek El Molla said the price rises would help Egypt save up to 50 billion Egyptian pounds ($2.8 billion) in […]

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New offshore natural gas discoveries key for many long-term investors

Posted: January 8, 2018 at 1:52 pm   /   Oil & Gas

Encouraged by Egypt’s economic reforms, a major gas find, streamlined business rules and a devalued currency, investors are increasingly optimistic about prospects for the North African country after years of political turmoil. Foreign holdings of Treasury bills hit a record high in December, foreign inflows into the stock market last year were the highest since […]

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Egypt not cutting fuel subsidies before July 2018 – El Molla

Posted: November 12, 2017 at 9:21 pm   /   Oil & Gas

Egypt is not considering an increase in fuel prices before 30 June 2018, at the end of the current fiscal year, and is planning to stop importing gas before the end of next year, Egypt’s oil minister Tarek El-Molla said at a press conference on Saturday. El-Molla said that the government is planning to lift […]

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El Molla: Egypt gasoline consumption fell 4.2% in July-Sept

Posted: November 2, 2017 at 7:47 pm   /   Oil & Gas

Gasoline consumption in Egypt fell by 4.2 percent and diesel consumption by 7.1 percent in the first quarter of the 2017-2018 fiscal year, which began in July, the oil minister said. Egypt has raised fuel prices twice since last November, when it signed a $12 billion International Monetary Fund programme that includes a raft of […]

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Dana Gas

Dana Gas PJSC: Egypt opening its gas market will fuel growth

Posted: August 19, 2017 at 9:03 pm   /   Oil & Gas

Foreign investment is expected to climb after the country opens its natural gas market. The decision by Egypt, north Africa’s largest economy, to open its natural gas market will help fuel growth and investment from exploration and production. Egyptian president Abdel Fattah El Sisi signed a new law this week that established a natural gas […]

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Egypt liberalizes natural gas market with new regulatory law

Posted: August 9, 2017 at 12:18 pm   /   Oil & Gas

• New gas market regulator to be set up to govern sector. • Private sector can participate in transport, distribution. Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new […]

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Upstream: Egypt has turned a corner

Posted: July 8, 2017 at 5:28 pm   /   Oil & Gas

Egypt’s decision to hike fuel prices is a bold measure that will help to settle outstanding debts to international oil companies that have faced payment delays since the revolution in 2011, writes Nassir Shirkhani. The cut to energy subsidies will save the government $2 billion a year and discourage wasteful consumption in a country where […]

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Egyptian Central Bank

Egypt pays another $750 million in IOC arrears, total $1.5 billion paid in May & June

Posted: June 7, 2017 at 6:13 pm   /   Oil & Gas

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 […]

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Dana Gas

Egypt pays Dana Gas $70 million, covering 25% of its arrears

Posted: May 22, 2017 at 3:14 pm   /   Oil & Gas

Egypt has paid an additional US$20 million in local currency, in addition to the $50 million in US Dollars received last week. Sharjah-based Dana Gas has received another payment from the Egyptian government for outstanding arrears, the company said in an ADX filing. The company said on Sunday that Egypt has paid an additional US$20 […]

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