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Minister of Petroleum and Mineral Resources Tarek El-Molla said that the government is seeking to recover the costs of providing petroleum products in the local market. This will take place through increasing the production rates of raw petroleum, as well as continuing to reduce subsidies on petroleum products. According to El-Molla, petrol consumption declined by …
Minister of Petroleum and Mineral Resources Tarek El-Molla said that an agreement in the energy sector is set to be signed with the European Union next week. During his opening speech at the ninth Mediterranean Offshore Conference and Exhibition (MOC 2018) held in Alexandria, El-Molla said the agreement aims to boost cooperation in the natural …
Contracts for the Egyptian Drilling Company (EDC)’s projects in Saudi Arabia have been renewed for the next three years, Salah Abdelkereem, head of the Egyptian Drilling Company, which is under the Egyptian General Petroleum Corporation (EGPC), said. He explained that the company controls about 74% of the land and sea drilling market in Egypt as …
The Egyptian Natural Gas Holding Company (EGAS) intends to put forward bids for nine natural gas land and offshore exploration concession areas in the second quarter (Q2) of this year, according to an official source at the company, who declined to be identified. According to the source, the company obtained security approvals for the bidding …
Establishment, expansion of seven refineries
The Ministry of Petroleum is aiming to increase the average production of Egypt’s natural gas during this fiscal year by 19.53%, to reach 5.342bn cubic feet of natural gas daily, compared to 4.469bn cubic feet of gas daily throughout the past fiscal year 2016/2017, according to data from the ministry. Data reveals that the ministry …
The Ministry of Petroleum is aiming to increase the average production of Egypt’s natural gas during this fiscal year by 19.53%, to reach 5.342bn cubic feet of natural gas daily, compared to 4.469bn cubic feet of gas daily throughout the past fiscal year 2016/2017, according to data from the ministry. Data reveals that the ministry …
The Egyptian Natural Gas Holding Company (EGAS) plans to launch a tender for importing liquefied natural gas (LNG) shipments in January 2018, according to an official source at the company. The source added that the upcoming tender aims to secure local market needs of natural gas during the second quarter (Q2) of 2018. Meanwhile, EGAS …
Egypt’s imports of sodium chloride (salt) during the period from 2014 to 2016 reached $3.6bn, Deputy Head of Petroleum & Mining Industries Chamber Abdul Latif El Kourdy said, adding that Egypt should move to export salt rather than importing it. During a workshop on the salt industry in Egypt, El Kourdy said that the wealth …
The debts of the industrial sector owed to the Egyptian Natural Gas Holding Company (EGAS) amounted to EGP 7bn, according to a source at the company. According to the source, who asked not to be named, the indebtedness of the industrial sector has increased recently as a result of factories tending to pay only a …
An official source at the Ministry of Petroleum and Mineral Resources said that the executive regulation of the gas market regulation law is expected to be completed within the next month. According to the source, the members of the Natural Gas Market Regulatory Authority will be announced next month, while next month will also see …
According to Vice President of the Egyptian Natural Gas Holding Company (EGAS) Magdy Galal, the company aims to stop importing liquefied natural gas from abroad by the end of next year. According to Galal, the Ministry of Petroleum owns the bulk structure that qualifies Egypt to become a regional energy hub. It owns the Sumed …
Mohamed El-Khayat, chairperson of the New and Renewable Energy Authority (NREA), said that the authority is seeking to adjust its structure in order to cope with the requirements of the current period, as it has been decided that the company will be divided into two entities. The first will be named “Sustainable Energy Authority” and …
Some sectors have not achieved targeted tax, therefore ministry targetting tax structures to increase tax revenues
Deputy Minister of Finance for Tax Policies Amr El-Monayer said that the proceeds of the Tax Dispute Committees amounted to EGP 15bn. The committee had received some 14,000 cases on income and sales taxes and solved 5,400 requests of them. He added that the disputes committee are working to complete the remaining requests, noting that …
The Ministry of Petroleum and Mineral Resources began the pilot operation of Eni’s Zohr field, according to a press release by the Minister of Petroleum and Mineral Resources Tarek El-Molla. El-Molla said that the wells were opened and the experimental production of the field began on Friday to test the lines and the natural gas …
Ministry consulting with international banks to determine timing, currency of offering
An official source at the Ministry of Petroleum and Mineral Resources said that petroleum product subsidies are expected to exceed the sector’s allocations in the state budget for the fiscal year (FY) 2017/2018. The expected rise comes as a result of the increase in global crude oil price as well as the dollar exchange rate …
The International Monetary Fund’s (IMF) board of directors is set to convene on 20 December to discuss the second portion of the $12bn loan to Egypt. An IMF mission visited Egypt from 25 October to 9 November to review Egypt’s IMF-supported economic reform programme. According to Subir Lall, IMF mission chief for Egypt, fund experts …
The annual inflation rate in Egypt fell in November to 26.7%, down from 31.8% in October, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS), which added that monthly inflation in November was up, scoring 1%. According to CAPMAS data, inflation in urban areas fell to 26% from 30.8% in October. The decline …
The total deficit of the Egyptian public budget during the first quarter (Q1) of the current fiscal year (FY) dropped to 2% of the GDP, reaching EGP 85.3bn, down 2.2% from EGP 76.8bn in the same period of the previous FY, according to the Ministry of Finance. According to the ministry, the deficit declined due …
The International Monetary Fund (IMF) mission called on the Ministry of Finance to reconsider the decision to delay the application of the capital gains tax and to work to implement it again as soon as possible, according to an official source at the Ministry of Finance. According to the source, who asked not to be …
Saher Hashem, managing director of Shell Lubricants Egypt, said that the company’s share of lubricants market increased to 18.5-19% this year, up from 6.5% in 2008, despite selling the petrol stations it owned. Shell had sold all its stations across Egypt in 2013 to French company Total. According to Hashem, during a round table discussion …
The Egyptian government will receive the third portion—worth $1bn—of the World Bank loan before the end of this month, an official source at the Ministry of Finance said. According to the source, who asked not to be named, the World Bank’s board of directors will hold a meeting this week to discuss the approval to …
Construction phase to last 2 years, import begins in 3 years