Mohamed Farag

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Latest by Mohamed Farag


Fuel distribution companies have not received notice on price increases

According to official sources at petroleum product distribution companies, the companies have not yet received any notifications about the decision to increase the prices of fuel, and that the concerns about the new price schemes are false. The sources added that the distribution companies are entities that implement fuel prices increases, and do not to …

Mohamed Farag

Parliament approves oil, gas exploration agreement in North Sinai maritime zones

The Egyptian Parliament’s energy committee approved an agreement for oil and gas exploration in the North Sinai maritime concession area (NOOR) in the Mediterranean Sea. The deal is between the Italian company Eni and the Egyptian Natural Gas Holding Company (EGAS). MP ElSayed Hegazy, a member of parliament’s energy committee, told Daily News Egypt that …

Mohamed Farag

EGPC owes Electricity Ministry EGP 100bn

The Egyptian General Petroleum Corporation (EGPC)’s dues owed to the electricity sector increased to EGP 100bn last month. A governmental source told Daily News Egypt that the dues are rising, as the EGPC does not pay for the fuel fed to power plants and only pays about EGP 800m every month out of a monthly …

Mohamed Farag

Egypt to receive second oil shipments from Iraq in two weeks

Egypt will receive a second shipment of Iraqi crude oil of 2m barrels in two weeks. An official at the Egyptian General Petroleum Corporation (EGPC) told Daily News Egypt that the agreement with the Iraqi side includes the supply of 2m barrels every two months for a year, on soft terms of payment and a …

Mohamed Farag

Apache plans to drill 50 oil wells in Egypt next fiscal year

Apache Corporation plans to carry out an exploration programme in Egypt to drill 50 wells in the next fiscal year through Qarun Petroleum Company and Khalda Petroleum Company. The announcement was made during a Thursday meeting between Minister of Petroleum and Mineral Resources Tarek El-Molla and John J Christmann, CEO of Apache International, to discuss …

Mohamed Farag