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Petroleum / Mining in Egypt

  • Egypt announces new sharp increase in fuel prices

    EGYPT, 2017/08/28 Egypt announced a new sharp increase in fuel prices on Thursday, as it slashes government subsidies in a tough IMF-backed reform programme. The cabinet said that 82 octane petrol would sell for 3.65 pounds a litre (0.80 pounds a gallon) up from 2.35 (0.52), with the same increase for diesel, while 92 octane petrol rose from 3.5 (0.77) to 5.0 (1.1) pounds. Egyptian government slashes fuel subsidies in IMF-backed reform as country’s inflation hovers around 30 percent.
  • Africa rejects Europe's 'dirty diesel'

    BOTSWANA, 2017/05/04 Ghana and Nigeria are the first countries to respond to reports of European companies exploiting weak fuel standards in Africa. Stricter limits on the sulfur content of diesel will come into force on July 1. Governments in West Africa are taking action to stop the import of fuel with dangerously high levels of sulfur and other toxins. Much of the so-called "dirty diesel" originates in Europe, according to a report published by Public Eye, a Swiss NGO, last year. The report exposed what Public Eye calls the "illegitimate business" of European oil companies and commodities traders selling low quality fuel to Africa. While European standards prohibit the use of diesel with a sulfur content higher than 10 parts per million (ppm), diesel with as much as 3,000 ppm is regularly exported to Africa.
  • Egyptian investment firm Qalaa Holdings is confident its new refinery

    EGYPT, 2016/05/27 Egyptian investment firm Qalaa Holdings is confident its new refinery will cut the country's dependence on crucial oil product imports, particularly as a weaker currency and rising crude prices force the government to reduce its energy bills. The $3.7 billion Egyptian Refining Co (ERC) will have the capacity to produce 4.2 million tonnes of refined products annually, which ERC will sell to national-controlled Egyptian General Petroleum Corporation (EGPC) at international prices under a 25-year agreement.
  • Beyond Commodities: How African Multinationals Are Transforming

    BOTSWANA, 2016/05/11 Oil, gold, diamonds, palm oil, cocoa, timber: raw materials have long been linked to Africa in a lot of businesspeople’s minds. And in fact the continent is highly dependent on commodities: they constitute as much as 95% of some nations’ export revenues, according to the United Nations Conference on Trade and Development. But propping a country’s entire economy on commodities is risky business, like building a mountainside home on stilts. You can’t be sure about the weather, or in this case the commodities market. The current free-fall of oil prices to less than $40 a barrel is a glaring example. “The commodities cycle has tanked out,” says Austin Okere, founder of Computer Warehouse Group (CWG), a Nigerian emerging multinational financial services company. “And this time it looks additional structural than cyclical, so it’s not a matter of waiting it out. Something has to give.”
  • EGPC denies report it is negotiating to delay dollar repayments

    EGYPT, 2015/12/09 Egyptian General Petroleum Corp (EGPC) denied on Tuesday that it was negotiating with banks to delay dollar payments owed to them next failing to receive its full dollar needs from the central bank in November. Egypt is facing a dollar shortage and mounting pressure to devalue the pound. Foreign reserves have tumbled from $36 billion in 2011 to $16.42 billion in November and the country has focused on directing its dollars to strategic commodities. An EGPC official who asked not to be named told Reuters before on Tuesday the company was in negotiations to postpone dollar instalments owed to banks next not being supplied its total dollar requirements by the central bank last month.
  • Cyprus signed an energy deal with Egypt

    CYPRUS, 2015/04/01 Cyprus signed an energy transaction with Egypt on Monday that could see the island supplying its Mediterranean neighbour with gas. Cyprus is keen to exploit the Aphrodite field off its southeastern coast but the reserves proven so far are not considered sufficient to make it viable for the island to develop onshore export infrastructure of its own. Monday's transaction authorises the "Egyptian Natural Gas Holding Company and the Cyprus Hydrocarbons Company to examine technical solutions for transporting natural gas, through a direct marine pipeline, from the Aphrodite field to Egypt."
  • A look at Egypt’s failure to exploit gas in the Mediterranean

    EGYPT, 2014/12/17 The oil and gas resources that Egypt could benefit from are just talk and cannot even be exploited as Israel manipulates these resources and seeks to maintain its control over them by all means possible. Cairo – At the same time as Israel undertook security measures to protect gas fields in the Mediterranean Sea, inclunding renting a military unit in Cyprus until 2016, it ignited a crisis regarding the right to exploit the oil and gas fields in the Mediterranean. Due to the fact that Israel established the Iron Dome missile defense system to intercept missiles along its coast and off its territorial waters, in addition to its intelligence activities, it was able to monitor the work being done in these economically viable waters. In addition, Israel has a confidential strategic security considerate with the United States in coordination with Turkey to preempt any international operations aimed at gas exploration and to strike them through the military unit established in Cyprus or the US Sixth Fleet present in the Mediterranean. All these Israeli actions deprive the Egyptian treasury of nearly a billion US dollars yearly for failing to exploit the discovered gas fields in territorial waters in the Mediterranean Sea.
  • Egypt's national-owned oil and gas companies owe additional than $6bn to international energy companies

    EGYPT, 2014/09/16 Egypt's national-owned oil and gas companies owe additional than $6bn to international energy companies that operate its oil and gas fields in the Sinai Peninsula, the Gulf of Suez, Mediterranean, and the eastern and western deserts. The country's government has decided that in the interests of maintaining foreign investment and production of its hydrocarbon reserves, it will pay off those debts by borrowing from domestic and international banks The Egyptian General Petroleum Corporation (EGPC) will “tender for loans from domestic and international banks” in order to pay off some of the deficit, Oil Ministry official Hamdy Abdelaziz told This is Africa.
  • Central bank: Egypt to pay $1 bln to foreign oil firms Monday

    EGYPT, 2014/09/01 Egypt’s central bank has delivered $1 billion to the Ministry of Petroleum to repay on Monday part of the national’s deficit to foreign oil companies, the central bank governor said on Sunday. Egypt pledged last week to pay $300 million of the money it owes to foreign oil companies in Egyptian pounds starting in December as part of a $1.5 billion repayment scheme designed to revive confidence in its economy next years of turmoil. The country has as well said it would repay a further $3 billion of the $6.3 billion it says it owes foreign oil companies operating in the country in monthly installments until 2017.
  • UAE to provide Egypt $9 bln in oil products

    EGYPT, 2014/09/01 Egypt’s oil ministry said on Sunday that the United Arab Emirates would provide “about $9 billion” worth of petroleum products to Egypt over the next year in transaction approaching into result on Monday. Ministry spokesman Hamdy Abdelaziz said in a statement that the arrangement between national-run Egyptian General Petroleum Company (EGPC) and its counterpart, Abu Dhabi National Oil Company, would contribute to conference part of Egypt’s petroleum needs over the next year. Egypt has struggled to curb its swelling budget deficit and meet its soaring energy demands, which have resulted in daily electricity cuts around the country of 86 million people.