Latest in Tag: petroleum Highlight
Latest in Tag: petroleum
Government to bolster transport system with EGP 1.4bn
Ministers agree on package to develop and reform transport system in wake of subsidies cut
Subsidy cuts a ‘very important step’: EU ambassador
EU ambassador to Egypt welcomes reduction of subsidies on petroleum products
Government needs more inclusive, transparent strategy towards subsidy cuts: Al Nour Party
Misr Al Qawia criticises decision, Al-Nour Party calls for transparency and improved methodology, while Socialist Popular Alliance proposes alternate
Food prices expected to rise 20% following fuel subsidy cut: Experts
Food products will rise by approximately 20% on higher costs of fuel used for transportation and production, says professor of agricultural economy
Electricity subsidy increases come to pay value of fuel consumed by stations: Energy expert
The increase allocated to the ministry amounts to approximately EGP 14bn and will not be sufficient to pay the value of fuel after amending the price to $3 per million BTUs compared to the previous $1.85
Delay in budget may cause unexpected 30% fuel consumption increase
Petroleum price increase to be announced unexpectedly to avoid black market fuel distribution, says EGPC official
Government agencies owe petroleum ministry total of EGP 160bn: Ministry official
By Mohamed Adel Government agencies currently owe the Ministry of Petroleum a total of EGP 160bn for petroleum products, according to a senior official at the ministry, who added these agencies owed about EGP 157bn at the end of April. The Ministry of Finance owes the Ministry of Petroleum about EGP 92bn, of which EGP …
Majority of cabinet’s economic team reappointed
Abdel Nour to handle SMEs while Al-Araby takes on administrative development
Raising fuel prices increases corruption and burden on the poor: Petroleum expert
Government reduced allocations for petroleum subsidies to approximately EGP 104bn from EGP 134bn in 2013/2014, raising fuel prices in the local market, according to the proposed 2014/2015 budget
88% decline in consumption of 95-octane gasoline in the domestic market: EGPC report
Cars belonging to the presidency, cabinet, and embassies used 5,000 tons of 95-octane gasoline in the first nine months of FY 2014/2015, says former EGPC deputy president
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.
Introduction of new gas wells will reduce power outages: Petroleum minister
A large part of foreign contracting for importing liquefied natural gas has been completed.
Government will be unable to meet fuel subsidy bill proposed in budget: Former petroleum minister
Arab countries offered a petroleum grant last year valuing EGP 80bn, which aided greatly in providing petroleum products needed for the domestic market in light of an inability to provide necessary liquidity for imports, according to Kamal.
Ministry of Tourism, E-Finance to provide diesel fuel smartcards for hotels, transportation companies
The tourism sector receives diesel fuel at EGP 1.10 per liter, and this price will rise to EGP 5.35 once subsides are removed, according to the official.
Nuclear energy platform will see immediate start: Al-Sisi campaign
Al-Sisi’s electoral platform not limited to solving energy crisis with replacement of household light bulbs, which sparked wave of ridicule on social networking sites
The Egyptian Tax Authority warns of pending administrative freeze on 13 petroleum companies; Ministry of Finance refuses to settle the debts
The Egyptian Tax Authority warned 13 public and private/public petroleum companies that they face an administrative freeze, and it has refused to accept their tax returns to date. This follows the Ministry of Finance having refused to settle the companies’ tax debt, which is estimated at EGP 3bn owed to the Tax Authority, according to …
UAE, Saudi Arabia provide Egypt with $2.6bn in grants in Q1 2014
Egypt has made various offers to the UAE, Saudi Arabia and Kuwait regarding a number of projects, including the establishment of laboratories for refinement areas in Ain Sokhna, the North Coast, Alexandria and Upper Egypt.
EGPC will auto-finance full amount of MIDOR bid
MIDOR’s refinery capacity in Alexandria stands at approximately 3bn barrels per month; heavy Iraqi Basra crude oil is ideal for MIDOR’s facilities
Egyptian petroleum companies owe $6bn to foreign companies at end of April: EGAS president
Egypt is facing a serious issue as a result of the government’s inability to pay its debts to foreign partners in light of the poor economic situation.
Explosion in Sohag kills 10, injures 37
Blast was in house used to store black market diesel and gas
Ministries of Electricity and Petroleum form agreement for provision of alternative fuels
The electricity sector currently operates at 86% of its capacity, while maintenance and operating deficiencies account for the remaining 14%.
PetroJet’s net profit hikes 14% year on year
Financial results reflect company’s success in boosting business volume after two years of declining profits in 2011 and 2012, Ministry of Petroleum reports
Petroleum sector receives $58m in investments
Egyptian petroleum firm planning to produce 31,500 barrels of oil per day from South Valley oil fields, says chairman
Banks should contribute to all economic sectors equally: Bankers
“What matters for banks is the ability to meet deadlines for loan repayments,” says former Chairman of Misr Iran Development Bank
Egypt’s LNG import ambitions thrown into disarray
Reuters – Egypt’s hope of importing liquefied natural gas to stave off an energy crunch this summer may fall through after a Norwegian firm pulled out of a deal to install an LNG import terminal, sources with knowledge of talks between Cairo and the company said. If it fails to secure a means of importing LNG, Egypt would have …
Galal approves allocation of EGP 1.31bn funding to healthcare, education, other sectors
Allocations aimed at improving public services for citizens, finance minister says
Minister of Finance allots additional fund for different sectors
EGP 165m will be allocated for tourism, EGP 225m for petroleum, EGP 125m for industrial training, EGP 355m for improving railway crossings and EGP 11.5m for journalism
Western Desert a promising region for production: Minister of Petroleum
The minister later visited the crude oil treatment area and East Bahariya electricity power station, with a capacity of 16 MW and investments of $49m.
Oil expert Mohammed Shoaib: Petroleum production and refinement operations unaffected by events after January 25 Revolution
Shaib revealed that the Egyptian General Petroleum Corporation had been negotiating a loan of US$2 billion before the revolution in order to meet its dues owed to partners, but negotiations ceased after the upheaval.
Petroleum products subsidies system to be reformed through five-year plan: Minister of Petroleum
Petroleum products subsidies reached EGP 120bn in last year’s budget, EGP 57bn of which were allocated for diesel, while in the current year’s budget, it was assigned EGP 99bn.