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Wepco assumes operational control of Badr 1 field

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 …

Daily News Egypt

Is the military good for Egypt’s economy?

By Farah Halime, Rebel Economy That’s a question I put to around a dozen Egyptian businessmen over the weekend, all of whom responded with a resounding “Yes”. Here are some snippets of conversations I had with a few of Egypt’s business community over the weekend (some appeared in this story for The National newspaper): Nassef Sawiris, billionaire …

Daily News Egypt

Egypt’s biggest oil debts

By Farah Halime, Rebel Economy   Egypt’s state oil company, the Egyptian General Petroleum Corporation, is in big trouble.  It has racked up billions of dollars of debt in the last decade with some estimating its dues to banks and oil companies is as high as $20 billion. The magnitude of EGPC’s debts is such …

Daily News Egypt

Rebel Economy Wrap: The IMF dam

By: Farah Halime Billions of dollars of financing earmarked for Egypt is mounting up behind an International Monetary Fund (IMF) dam. Until Egypt agrees a final deal with the IMF for a $4.8 bn loan package, none of the estimated $14.5 bn in additional financial support and aid will be released. The effects of the …

Daily News Egypt

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