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
MoP Denies Rumors of Fuel Prices Increase
The Ministry of Petroleum and Mineral Resources (MoP) denied the rumors that spread on social media saying that there is an increase in gasoline prices after the issuance of the decision regarding the amendments of increase the gasoline prices allocated to the construction and maintenance of public roads.
EGAS Exports 33.9 bcf of Natural Gas to Jordan in FY 2019/20
The Egyptian Natural Gas Holding Company (EGAS) exported about 33.9 billion cubic feet (bcf) of natural gas to Jordon through the Arab Gas pipeline in the fiscal year (FY) 2019/20.
El Molla: Local Manufacturing to Dominate Oil, Gas Equipment
The Minister of Petroleum and Mineral Resources, Tarek El Molla, emphasized the local manufacturing of petroleum equipment to reduce imports and rationalize foreign exchange while visiting Petrojet’s central workshops for manufacturing static equipment. This showed how all national petroleum companies (NOCs) especially Petrojet gained distinguished experiences and achieved outstanding results in the local manufacturing field.
Egypt Inaugurates First Natural Gas Station in Sharm El Sheikh
The Minister of Petroleum and Mineral Resources, Tarek El Molla, inaugurated the first natural gas supply station in Sharm El Sheikh, South Sinai Governorate, accompanied by South Sinai Governor, Khaled Fouda, with the aim to expand the presidential initiatives of converting cars to run on natural gas.
House of Representatives Praise MoP Efforts in COVID-19
Egypt did not witness any shortages in petroleum products during the pandemic thanks to the plans and strategies of the Ministry of Petroleum and Mineral Resources (MoP), the Head of Energy and Environment Committee, Talaat El Sewedy, stated.
Eni Announces Oil Discovery in the Western Desert
Eni has made a new oil discovery in the Meleiha Concession in the Western Desert, adding an extra 10,000 barrels of oil per day (bbl/d) to the current concession production.
SCA Extends Discount Fees for LPG Tankers for 6 Months
The Suez Canal Authority (SCA) is extending the discounts granted for liquefied petroleum gas (LPG) tankers, which operate between the ports of the US Gulf, India, and its eastern parts till 30 June 2021.
MSMEDA Facilitates NGV Conversion in Installments Up to 5 Years
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) with the cooperation of the Ministry of Petroleum and Mineral Resources (MoP) through Cargas and Gastec has put facilitation to encourage citizens to convert their cars to run on natural gas.
El Molla Rolls Out New Transfers
The Minister of Petroleum and Mineral Resources, Tarek El Molla, has issued a new transfers movement among the petroleum companies to support the petroleum sector with the necessary capabilities and achieve future goals.
