Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
Fuel Prices Increased by EGP 0.25 in Q2 2022
Egypt’s Fuel Automatic Pricing Committee has adjusted the fuel prices and increased them by EGP 0.25 per liter for Q2 2022.
El Molla, Fayad Discuss Natural Gas Exports to Lebanon
Minister of Petroleum and Mineral Resources, Tarek El Molla, received Walid Fayad, the Lebanese Minister of Energy and Water, and the accompanying delegation visiting Cairo.
Eni, EGAS to Increase Egypt’s Gas Production, Exports
The goal of the agreement is to achieve the optimal exploitation of the Egyptian gas reserves by maximizing the joint production between the two sides, in a way that contributes to the EGAS and Eni companies identifying new activities and opportunities in order to increase gas production rates in the short term.
Eni Makes New Discoveries in the Egyptian Western Desert
Eni announced making new oil and natural gas discoveries in the Egyptian Meleiha concessions, located in the Western Desert. The newly made discoveries add approximately 8,500 barrels of oil equivalent per day (boe/d).
EGX Announces Five Deals Including AFC, MOPCO, Alex Cont, CIB, Fawry
The dealings included acquiring stakes in the Abu Qir Fertilizers and Chemicals Company (AFC), the Misr Fertilizers Production Company (MOPCO), the Alexandria Container Handling Company, the Commercial International Bank (CIB), and Fawry.
Egypt’s Public Treasury Bears EGP 405M for Green Incentive
Egypt’s public treasury bore EGP 405 million, the value of the green incentive, for about 17,900 new cars allocated to citizens who completed their procedures on the website, including 16,750 cars and 1,150 taxis and microbuses, Maait noted.
Petromaint Profits in 2021 Reach EGP 465 million
The company’s for 2021 achieved a historical leap, as the volume of the company’s contracts amounted to EGP 6 billion, with a growth rate of 35% compared to 2020. The volume of the company’s revenues for 2021 reached EGP 3 billion, with a growth rate of 42% compared to 2020.
Egypt, Jordan Discuss Possible Natural Gas Delivery Cooperation
Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Khairy Amr, Jordanian Minister of Investment, during his visit to Cairo. The meeting discussed increasing cooperation in implementing natural gas delivery projects inside Jordan with Egyptian expertise through specialized petroleum sector companies.
Madbouly Reviews Progress of COP 27 Preparations
Prime Minister, Mostafa Madbouly, chaired the sixth meeting of the Supreme Committee concerned with preparing for Egypt's hosting of the 27th session of the Conference of the States Parties to the United Nations (UN) Framework Convention on Climate Change (COP 27), where he followed up on the ministries' efforts in preparing for the conference scheduled to be held next November in Sharm El-Shaikh.
