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Finalising procedures of $3bn loan in June: EGPC Chairman

Work is being finalised on the procedures of obtaining a $3bn loan from the Islamic Development Bank (IDB), allocated to the Egyptian General Petroleum Corporation (EGPC). The procedures for the loan are set to be completed by June, said Chairman of EGPC, Tarek El-Mulla, adding that the IDB loan will be issued due to a …

Mohamed Adel

Government should repay all fuel dues to foreign partners: Official

An oil company official said the government should repay full dues to foreign partners and approve gas price amendments that have been agreed upon to stimulate investments in the sector. Egypt will face stability in oil and gas production rates during fiscal year 2015/2016 as a result of a number of companies reducing their investments, …

Mohamed Adel

BG to sign petroleum deal worth $4bn

British Gas (BG) is set to sign a deal with the Egyptian government on Sunday during the Economic Summit, with investments estimated at $4bn. The company received $350m from the Egyptian government, after the latter’s decision to pay its delayed debts to foreign energy companies.  Egypt delayed paying the dues for oil and gas companies …

Daily News Egypt