Ministry of Finance

  • Madbouly Follows up on Natural Gas Stations’ Expansion

    Madbouly Follows up on Natural Gas Stations’ Expansion

    Thursday, 19th November 2020

    The Prime Minister, Mostafa Madbouly, met with the Ministers of Petroleum and Mineral Resources, Finance, and Tarde and Industry to review the executive situation of natural gas stations, affirming that the expansion of establishing stations for natural gas supply, recharging electric cars, and exploiting the current infrastructure of the existing fuel stations is a vital topic in light of the strategy adopted by the state to convert cars to run on natural gas.

  • Petroleum Sector Achieves EGP 20 B Surplus in Nine Months

    Petroleum Sector Achieves EGP 20 B Surplus in Nine Months

    Thursday, 11th June 2020

    The Deputy Minister of Finance for Financial Policies, Ahmed Kojak, announced that the petroleum sector achieved surplus in the state public budget exceeds EGP 20 billion during the first nine months of the current fiscal year (FY) 2019/2020.

  • Egypt To Cut Petroleum Products Subsidies by 47%

    Egypt To Cut Petroleum Products Subsidies by 47%

    Thursday, 23rd April 2020

    The Ministry of Finance is cutting subsidies of petroleum products in the new draft budget project for fiscal year (FY) 2020/2021 by nearly 47%.

  • Protocols of Cooperation to Settle Decades-Old Financial Debts

    Protocols of Cooperation to Settle Decades-Old Financial Debts

    Thursday, 20th February 2020

     In an effort to end the financial debts accumulated for more than 30 years, the Ministries of Electricity and Renewable Resources, Petroleum and Mineral Resources, Finance, and the General Public Sector signed three protocols of cooperation.

  • Electricity Ministry to Pay EGP 1.3 B Per Month for Fuel

    Electricity Ministry to Pay EGP 1.3 B Per Month for Fuel

    Thursday, 8th August 2019

    The Ministry of Electricity has agreed to pay EGP 1.3 billion per month to the Ministry of Petroleum, in exchange for fuel supplies provided to the power generation plants. It has also paid EGP 35 billion of its arrears.

  • PM Oversees Settling Interministerial Financial Records

    PM Oversees Settling Interministerial Financial Records

    Thursday, 8th August 2019

    Prime Minister Mostafa Madbouly held a meeting with the Ministers of Petroleum, Electricity, and Finance to follow up on resolving financial entanglements.

  • Egypt Plans More Oil Hedging Contracts

    Egypt Plans More Oil Hedging Contracts

    Tuesday, 6th August 2019

    The Egyptian government is planning to double the number of crude oil hedging contracts for fiscal year (FY) 2019/20.

  • Egyptian Government Resolves Ministries’ Financial Affairs

    Egyptian Government Resolves Ministries’ Financial Affairs

    Thursday, 18th July 2019

    Prime Minister Mostafa Madbouly held a meeting today to discuss the financial issues and resolve any disputes between the Ministries of Electricity, Petroleum and Finance.

  • Egypt to Hedge Oil Prices in FY 2019/20

    Egypt to Hedge Oil Prices in FY 2019/20

    Monday, 1st July 2019

    Egypt plans to apply an oil hedging mechanism in fiscal year (FY) 2019/20 that starts in July after its efforts to lock-in oil prices in the FY 2018/19.

  • Egypt to Amend Oil Hedging Mechanism

    Egypt to Amend Oil Hedging Mechanism

    Thursday, 13th June 2019

    The petroleum and finance ministries are adjusting the hedging mechanism for fiscal year (FY) 2019/2020 in line with recent global oil prices.

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