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
Pharos Production Mounts to 5,979 bbl/d in Egypt
Pharos Energy’s Egypt production has amounted to 5,979 barrels of oil per day (bbl/d) in H1 2020.
El Sisi Directs Setting a Comprehensive Vision for the Mining Sector Development
The Egyptian President Abd El Fattah El Sisi has directed to form a full strategic vision in the aim of updating the mineral sector in Egypt to discover the hidden regions containing mineral resources.
El Molla Reviews Ongoing Petrochemical Projects
The Minister of Petroleum and Mineral Resources Tarek El Molla reviewed several projects including the Automatic Tank Gauging (ATG) project implemented in service stations. This came during a meeting with the supreme committee for petroleum sector projects.
Gasco’s Plant Obtains Approval form EGAC
Egyptian Natural Gas Company (GASCO) announced that its chemical refinery in the Western Desert Gas Complex obtained an approval from the Egyptian Accreditation Council (EGAC) for applying the international standard of ISO/IEC 17025:2017 while testing natural gas and liquified natural gas (LNG).
Gastec Operates New Natural Gas Station in Hurghada
The Egyptian International Gas Technology (Gastec) began conducting an operational trial for the new natural gas supply station in Hurghada.
Fuel Prices Remain Unchanged in Q3 2020
Egypt’s Fuel Automatic Pricing Committee decided to keep the current fuel prices the same during Q3 2020, which will see the prices stabilizing the local markets.
State Allocates EGP 680.56 B to EGPC’s FY 2020/21 Budget
The Egyptian General Petroleum Corporation’s (EGPC) budget for the fiscal year (FY) 2020/21 was set at EGP 680.56 billion.
ANOPC Inks a $2.8 B EPC Contract
Assiut National Oil Processing Company (ANOPC) has inked an Engineering, Procurement, and Construction (EPC) contract with TechnipFMC, Enppi, and Petrojet valued at $2.8 billion.
Petrojet Finalizes Berth Project in Damietta
Petrojet has succeeded in completing the implementation and establishment of the fourth container berth at Damietta Port.
