Latest in Tag: EGPC Highlight
Latest in Tag: EGPC
Public entities debts to EGPC amount to EGP 195bn by end of January: El Molla
Prime Minister Ibrahim Mehleb formed a committee to fix the current financial issues between the Ministers of Petroleum, Finance, and Electricity.
$6bn foreign company investments in FY 2015/2016: El Molla
Total foreign investment, which is being pumped this year, is estimated at $7.5bn.
$2.7bn needed to complete Egyptian Refining Company project implementation: Commercial Director
Contract signed to supply diesel production to EGPC at global prices for 25 years
Gas supplies to cement plants permanently stopped, fuel oil sent instead: EGAS
Operating Helwan, Al-Qawmeya, and Al-Katameya plants only due to their link to Gharadiq field
Fuel oil supplies non compliant with specifications behind increased summer electricity
The source said that during the summer, fuel suppliers offered fuel at $600 per tonne, with sulphur rates higher than required in the bid.
Gas exploration bid to be offered early 2015 in 11 areas
Three areas in the Delta and eight in the Mediterranean Sea will be offered by EGAS for exploration and research
Continuing decline in Brent prices positively impacts Egyptian economy
“We will not increase fuel imports because the financial resources are not available,” says EGPC chairman El Molla
Government hopes to pay full debts owed to foreign partners over coming 6 months
Debts owed to foreign companies have plagued all governments since 2008
Cost of development behind stranded gas: Petroleum officials
Around 36 concession agreements in which 153 wells to be drilled have been ratified
EGPC will bear LNG import expenses through June: El Molla
The Ministry of Petroleum faced a financing crisis for LNG shipments for the coming year due to the Ministry of Finance’s refusal to provide the necessary financial liquidity.
Tender to be offered for $1.5bn loan this November: El Molla
Ministry hopes to pay nearly $1bn of debts to foreign partners by year-end, says EGPC chairman
No agreement reached for LNG arrivals by end of 2014
Government delayed signing with Hog Energi, led to lack of supply during September, says Ministry of Petroleum
EGPC offers tender for loan this month to pay a portion of dues to foreign oil and gas companies
Petroleum ministry aims to pay $2bn-3bn of foreign dues by year-end
Dana Gas signs agreement with EGAS, EGPC to drill 37 new wells
Company recently won bids for 2 Nile Delta concessions
Gulf of Suez project exporting 270,000 tonnes of PET annually: EGPC official
The Polyester Producing Company, subsidiary of the Egyptian Petrochemicals Holding Company, exports 270,000 tonnes per year of polyethylene terephthalate (PET) while 150,000 tonnes of the product are provided to the local market, according to an official of Egyptian Petrochemicals Holding Company. He pointed out that the company, operating in an economic zone in the northwest …
Upcoming period is busy time for petroleum industry: Petroleum minister
Although there will be a $2bn in debts to foreign partners by year end, ministry has paid back $11.2bn to foreign companies during FY 2013/2014
RWE injects $300m into its area of concession for FY 2014/2015
Germany’s RWE, a Suez Oil Company (SUCO) partner, has increased investment allocations for the 2014/2015 fiscal year to approximately $300m compared to the previous $218m, according to a company official. The new investments will be utilised to drill new wells and develop others in the Ras Badran, Ras Fanar, and Gabal El-Zeit oil fields in …
Gas imports from Israel to save Egypt $10 per million BTUs
LNG will not be sufficient to meet actual needs of all sectors: Medhat Youssef
UAE to provide Egypt‘s petroleum needs at $9bn for 1 year
UAE will provide Egypt with diesel, fuel oil, petrol and butane gas at a value of $800m monthly
EGPC guarantees loan with naphtha, crude oil revenues from Ras Gharib
Total dues owed to foreign partners in the petroleum sector currently stand at $5.9bn, according to the head of the EGPC.
Dues to foreign companies increase by $300m
Dues to foreign companies operating in the oil sector have increased by $300m, while the government’s inability to pay such an amount – even as it repays small portions of its debt – has lead to an accumulation of the total debt to an estimated $6bn. The value of the foreign partner’s share, crude gas …
Petroleum ministry assigns EGPC to pay for gas shipments through internal revenue
By Mohamed Adel The Ministry of Petroleum has assigned the task of importing liquefied natural gas (LNG) needed for power plants through the coming period to the Egyptian General Petroleum Corporation (EGPC). Payment for the imported gas will be managed through internal revenue, according to a senior official at the Ministry of Petroleum. The expenses …
Dues owed to foreign oil and gas companies reach $6.3bn in July
Dues owed to foreign oil companies reached a total of $6.3bn this July, compared to $6bn at the end of April, according to Tareq Al-Mula, president of the Egypt General Petroleum Corporation (EGPC). The government will pay at least $1.5bn of these receivables to these foreign companies by the end of the year 2014, according …
Fuel consumption rates stabilise in domestic market after implementation of price increases
This follows a surprise increase in consumption took place on Friday following the announcement that fuel prices would increase.
Petroleum price hikes spark widespread outcry
“Thugs” forcing fuel stations to sell at old price yet police are unresponsive, petrol station manager
Government negotiating with foreign partners to adjust price of gas from $3 to $4 per 1m BTUs
Decreased gas production is result of slowdown in partners’ development and exploration of wells in light of increasing operation costs
EGP 3.69bn to be invested in petroleum by public sector companies for FY 2014/2015: EGPC president
The total amount of investments that are hoped to be collected from public sector companies amount to EGP 3.69bn for the 2014/2015 year, according to Al-Mula.
Apache investing $1.4bn in Western Desert concession area: Khalda president
DNE interviews Taher Abd Al-Rehim, president of Khalda Petroleum, the joint venture between Egyptian General Petroleum Company (EGPC) and the US company Apache
Petroleum grants from Arab countries strengthen Egypt’s credit rating
Drops in Egypt’s credit rating following the 25 January Revolution negatively impacted the Egyptian General Petroleum Corporation
Additional fuel imports to sustain power plants in summer worth $780m: EGPC chairman
Tarek El Molla elaborates on fuel imports, EGPC debts, subsidies and foreign investments