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The source said that during the summer, fuel suppliers offered fuel at $600 per tonne, with sulphur rates higher than required in the bid.
Three areas in the Delta and eight in the Mediterranean Sea will be offered by EGAS for exploration and research
“We will not increase fuel imports because the financial resources are not available,” says EGPC chairman El Molla
Debts owed to foreign companies have plagued all governments since 2008
Around 36 concession agreements in which 153 wells to be drilled have been ratified
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.
Ministry hopes to pay nearly $1bn of debts to foreign partners by year-end, says EGPC chairman
Government delayed signing with Hog Energi, led to lack of supply during September, says Ministry of Petroleum
Petroleum ministry aims to pay $2bn-3bn of foreign dues by year-end
Company recently won bids for 2 Nile Delta concessions
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 …
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
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 …
LNG will not be sufficient to meet actual needs of all sectors: Medhat Youssef
UAE will provide Egypt with diesel, fuel oil, petrol and butane gas at a value of $800m monthly
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 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 …
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 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 …
This follows a surprise increase in consumption took place on Friday following the announcement that fuel prices would increase.
“Thugs” forcing fuel stations to sell at old price yet police are unresponsive, petrol station manager
Decreased gas production is result of slowdown in partners’ development and exploration of wells in light of increasing operation costs
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.
DNE interviews Taher Abd Al-Rehim, president of Khalda Petroleum, the joint venture between Egyptian General Petroleum Company (EGPC) and the US company Apache
Drops in Egypt’s credit rating following the 25 January Revolution negatively impacted the Egyptian General Petroleum Corporation
Tarek El Molla elaborates on fuel imports, EGPC debts, subsidies and foreign investments
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 …
Badr El Din Petroleum Company is currently operating Badr 1 but will soon hand over control to the Western Desert Petroleum Company (Wepco). All production will be the property of the state as the contract with Shell expired, according to Al-Mula. The decision to entrust the field to Wepco has been made official and handover …
MIDOR’s refinery capacity in Alexandria stands at approximately 3bn barrels per month; heavy Iraqi Basra crude oil is ideal for MIDOR’s facilities
The aid helps reduce the heavy costs of government fuel subsidies and the drain on foreign exchange reserves.