Egypt to Reach Self-Sufficiency in Refined Oil Products by 2023 – El Molla to Bloomberg
Egypt to Produce Enough Energy to Meet its Needs by 2023. “We’re doing great in refined products,” says energy minister. Country is seeking to sell more LNG via long-term contracts. Egypt said it’s on target to produce enough fuel to cover its own needs by 2023. The country will reach its goal thanks to upgrades […]
Egypt’s Fuel Subsidies fall by 46% in Q1 FY 2020-2021
Public spending on fuel subsidies continues to fall in FY2020-2021: The government continued to cut back on fuel subsidies in 1Q FY2020-2021, reducing spending by 46% to EGP 3.9 bn from EGP 7.25 bn in the same period a year earlier, Oil Minister Tarek El Molla told Reuters, according to Sky News. The minister’s statements […]
Total Egypt, Ola Energy to construct Alexandria petroleum storage facility
Total Egypt, OLA to partner in Alexandria Petroleum Products Terminal construction Total Egypt and OLA Energy Egypt have signed a joint venture agreement to jointly own, build, and operate a new petroleum products terminal in Alexandria. The Alexandria Petroleum Products Terminal (APPT) will be built at the Mex Petroleum Zone on a 23,000 square metre […]
Egypt signs $1.1 bn funding agreement with Islamic Trade Finance Corporation
Egypt to get USD 1.1 bn ITFC loan for commodity imports: Egypt has signed a USD 1.1 bn funding agreement with the Islamic Trade Finance Corporation (ITFC) to help it import petroleum products and food in 2020, according to a cabinet statement. The funds are part of a USD 3 bn agreement between Egypt and […]
Egypt spends $1.5 billion/month on petroleum products for local market
Egypt spends more than $1.5 billion per month in providing petroleum products to the local market, Petroleum Minister Tarek El Molla said on Tuesday, a bill that covers both imports and the share of foreign oil companies. Egypt now spends $700 million-$800 million buying the foreign companies’ share in local joint venture oil production due […]