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Fuel subsidies hurt industry, Egyptians alike: head of Petroleum, Mining Industries Chamber at FEI
For the Federation of Egyptian Industries (FEI), considering fuel subsidies was a significant step toward genuine economic reform which began with the floatation of the Egyptian pound, putting Egypt on the threshold of the required economic growth. The head of Petroleum and Mining Industries Chamber at the FEI, Tamer Abo Bakr, informed Daily News Egypt …
USTDA, EPM sign $7bn agreement to produce petroleum derivatives
The US Trade and Development Agency (USTDA) and Enjaz Project Management (EPM) signed a memorandum of understanding (MoU) to establish a project for producing petroleum derivatives used in various industries on 2.5m sqm in the Suez Canal Economic Zone, at a cost of $7bn. On the sidelines of the American Chamber of Commerce conference on …
Egypt’s debt in both petroleum, electricity sectors amount to over EGP 900bn: El-Garhy
Egypt’s Finance Minister Amr El-Garhy, said that the debt in both the petroleum and electricity sectors in the country have exceeded EGP 900bn, during a press conference on the sidelines of a weekly cabinet meeting on Wednesday. El-Garhy said that this situation cannot continue, especially with the challenging news that face the world, including the …
The illusion of subsidising—Part II
I have many friends who once belonged to the middle class. They did not need state subsidies because they were able to live and afford education, healthcare, transportation, etc. for their children. However, the government’s decisions came against the wish of the people. Those friends turned from belonging to a “saving” class into classes that …
13.9% increase in value of Egyptian imports from East Asian countries in 2015
The Central Agency for Public Mobilization and Statistics (CAPMAS) recently issued its annual bulletin of trade exchange between Egypt and East Asian countries for 2015, including export and import statistics from Malaysia, China, India, Japan, Indonesia, Pakistan and South Korea The total value of imports from East Asian countries reached EGP 151.6bn in 2015 versus …
Joint ministerial committees to discuss taxes, subsidies, indebtedness auditing: Kouchouk
Decline in world oil prices saved EGP 27bn worth of fuel subsidies in last year’s budget
Tender awarded to supply Egypt’s petroleum needs for January: Petroleum Minister
A tender was held by the EGPC to select the company, pending negotiations with Saudi Arabia to supply requirements for next five years
Studies to set standards for tourist, petroleum entities subject to tax
Ministers of Finance, Tourism, and Petroleum to sign the standards
EGPC presents monthly petroleum needs to International Cooperation Ministry
King of Saudi Arabia orders increase of investment and securing Egypt’s needs of petroleum for five years
Egypt Petroleum Ministry to appeal Swiss court decision on compensating Israeli companies
The ministry, EGAS were ordered to compensate two Israeli companies USD 1.7bn
Egyptian petroleum exports decline as imports increase
The Egyptian petroleum exports decreased by 40.7% last June
EGP 10bn sovereign fund ready for investment in H2 of FY 2015/2016: Planning minister
Egypt will sign agreement with Saudi Fund for Development to provide fuel and natural gas credit facilities, says El-Araby
4-dimensional plan announced to tackle Assiut oil leak
Highly flammable Mazut oil leaked from the cool water unit of Al-the Hamra electricity station in Assiut on Friday, causing 10 water stations to close
Petrochemical projects studies being prepared within new Suez Canal Axis Development plan: Petroleum Ministry
“We are participating in implementation of two tunnels, for cars and trains, under canal north of Ismailia,” says Ismail
Petroleum Ministry to supply 1.2m residential units with natural gas this FY
Natural gas delivered to approximately 6.9m residential units from programme’s start until end of FY 2014/2015
5 oil, gas agreements signed between Egypt, Italy
Expansion in ASORC and MIDOR projects totals $3.5bn
Dana Gas to discuss collecting receivables in Egypt this week
Board of directors’ meeting will discuss company’s 2015 mid-year budget and Q1 financial statements
Petroleum companies listed before fiscal year-end
MOPCO has already listed in Egyptian Exchange
Petroleum ministry to provide 135m cubic metres of gas daily in summer: EGAS
Approximately 83.5m cubic metres of gas, 24,000 tonnes of fuel oil and 8,000 tonnes of diesel provided daily to power stations
Crescent Petroleum targets entering oil drilling operations in Egypt: Al-Qadi
Egyptian government did not breach agreement with Emirati companies in Egypt, says company’s president
Projects worth $10bn to be proposed in petroleum sector: Sherif Sousa
Sousa mentioned that some mining projects are now under construction, and that they work on creating the suitable atmosphere to attract more investments in the energy sector through a complete plan.
EGAS workers strike over ‘discrimination’
Strikers to meet Petroleum Minister, seeking unified regulations
January trade deficit down by 20.7% year-on-year
Imports stood at EGP 31.47bn during January, 21.2% less than the EGP 39.97bn recorded a year earlier, according to CAPMAS
None of $142.2bn summit investments go to Suez Canal Axis
The housing, transportation, petroleum, tourism, and investments sectors won the largest of this amount, but no statement has been made regarding Suez Canal Axis investments.
Israel confirms negotiations continuing over Egypt’s supply gas
A petroleum ministry delegation visited London, and secretely met Noble and Delek representatives, says official
Petroleum Ministry, EGX negotiations to fund, structure oil companies: Minister
We are studying ways to benefit from EGX to structure companies needing financial development without burdening state treasury, says Sherif Ismail
Agreement signed converting 2,000 cars to run on natural gas
210,000 cars running on natural gas, 180 supply stations and 74 conversion centres created between 2012 and 2014
35% expected savings in petroleum subsidies due to low oil prices: Petroleum minister
Consultations to take place with Iraq to receive Iraqi oil, negotiations will decide amount, timing, and price
EGP 44bn total debts of Electricity Ministry go to Petroleum Ministry
Finance Ministry pays 50% of monthly electricity bill the Electricity Ministry consumes due to an agreement made between three ministries
EGAS to link 16 gas production wells during FY 2014/2015
Total local production to increase by 200m cubic feet