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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 …
Abdel Nour to handle SMEs while Al-Araby takes on administrative development
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
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
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.
A large part of foreign contracting for importing liquefied natural gas has been completed.
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.
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.
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 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 …
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.
MIDOR’s refinery capacity in Alexandria stands at approximately 3bn barrels per month; heavy Iraqi Basra crude oil is ideal for MIDOR’s facilities
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.
Blast was in house used to store black market diesel and gas
The electricity sector currently operates at 86% of its capacity, while maintenance and operating deficiencies account for the remaining 14%.
Financial results reflect company’s success in boosting business volume after two years of declining profits in 2011 and 2012, Ministry of Petroleum reports
Egyptian petroleum firm planning to produce 31,500 barrels of oil per day from South Valley oil fields, says chairman
“What matters for banks is the ability to meet deadlines for loan repayments,” says former Chairman of Misr Iran Development Bank
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 …
Allocations aimed at improving public services for citizens, finance minister says
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
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.
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 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.
Boraie says decision was made to retain ability of sectors to compete with private sector
Float expected to earn more than $1 billion and financial adviser to be hired beginning of 2014
Titan Cement Company suggests coal as alternative energy source
Ministry of Electricity and Energy condemns allegations made by former minister of petroleum Osama Kamal that it had imported low quality power stations
Arafat asserted that he had recently met with Petroleum and Mineral Resources Minister Sherif Ismail, in order to explain the Division’s vision for the future regarding problems set to be faced by the sector.
Under new agreement Egypt will import up to 1m barrels of crude oil per month, while Gulf aid continues to flow