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Tag: IMF

Egypt’s natural gas turns the corner

Posted: March 9, 2017 at 2:27 pm   /   Oil & Gas

The Egyptian Oil Ministry wants to increase the gas production by 50% by 2018, continue to invest in energy and repay the Egyptian debt in the sector amounted to 3.6 billion dollars. New finds have already given rise to talk of Egypt resuming exports soon, aided by a modernization programme to make the market more […]

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UK Embassy: Strong British Presence at EGYPS 2017

Posted: February 16, 2017 at 10:17 pm   /   Oil & Gas

As Egypt becomes an energy superpower, a strong British presence at EGYPS confirms UK as Egypt’s Top Oil & Gas partner. On 14-15 February, British Ambassador to Egypt John Casson and UK Trade Envoy Sir Jeffrey Donaldson attended the first ever Egypt Petroleum Show (EGYPS 2017), opened by President Sisi. EGYPS 2017 is the largest […]

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tarek el molla

Egypt to draft schedule to pay $3.5 billion dues to oil firms

Posted: February 15, 2017 at 8:09 pm   /   Oil & Gas

Egypt expects to soon draft a repayment schedule to pay US$3.5 billion in arrears it owes to foreign oil and gas companies, Egyptian Petroleum Minister Tarek El Molla said on Tuesday. “We didn’t yet set a date, however we are committed. We are going to have shortly a repayment schedule agreement with partners,” Reuters quoted […]

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UAE's Dana Gas freezes Egypt investments over debts

Posted: February 11, 2017 at 2:33 pm   /   Oil & Gas

Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it there, the chief executive of the United Arab Emirates company said. Political and economic turbulence in Egypt and Iraqi Kurdistan mean Dana Gas has struggled to secure revenues in either country, once again hitting its profit on […]

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CBE: Egypt pays Italy's Eni $630 million for Zohr gas field development

Posted: February 9, 2017 at 7:00 pm   /   Oil & Gas

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 […]

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Egypt: Energy reform underway (

Posted: February 9, 2017 at 6:53 pm   /   Oil & Gas

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 […]

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ICIS: Egypt juggles fuel supply loss with currency flotation, subsidy cuts

Posted: November 20, 2016 at 1:06 pm   /   Oil & Gas

Egypt will look for lucrative long-term deals to import refined products or turn to spot tenders with international traders to meet the vacuum left by Saudi Arabian Oil Company (Saudi Aramco)’s reported decision to indefinitely suspend its supply arrangement with the country, according to analysts. Egyptian General Petroleum Corporation (EGPC) is currently seeking seven cargoes […]

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UK Embassy: BP to invest $13 billion in Egypt before 2020

Posted: November 15, 2016 at 12:49 pm   /   Oil & Gas

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 […]

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Egypt to begin IPO program with Oil Companies

Posted: September 21, 2016 at 12:58 pm   /   Oil & Gas

• Authorities aim to raise $10 billion within 3 to 5 years. • Egypt has also reached an initial $12 billion IMF loan deal. Egypt is set to launch its initial public offerings in government-owned companies with oil sector businesses, aiming to collect up to $10 billion dollars within three to five years, the minister […]

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