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
SDX Expects Delay in South Disouq Project
SDX Energy Corporation announced that the start-up date for South Disouq gas production might be delayed until Q4 2019.
Reforms of Fuel Subsidies to be Completed in FY 2018/19: IMF
The Egyptian government is keen to attain full cost recovery for all fuel products, except for liquefied petroleum gas (LPG) and fuel used in power plants and in bakeries by the end of FY 2018/19.
Egypt Imports 60% of Butane Consumption
Egyptian butane imports during the first three months in 2019 were close to 60% of the country's butane cylinders.
Egypt to Double LNG Exports by End of 2019: El Molla
Egypt plans to double its exports of liquefied natural gas (LNG) by the end of 2019 to reach 2 bcf/d.
Egypt, Saudi Arabia Discuss Oil, Gas Opportunities
El Molla and Al-Falih met on the sidelines of the World Economic Forum on the Middle East and North Africa that is taking place in Jordan on April 6-7.
Eni Starts Implementing 7th Zohr Processing Plant
Eni has started implementing the seventh natural gas processing plant at Zohr field with a capacity of 400 million standard cubic feet per day (mmscf/d) of natural gas.
SOCO International Completes Acquisition of Merlon
The company agreed with Merlon on the acquisition in exchange of around $136 million in cash, as well as issuing 65,561,041 new ordinary shares of SOCO to Merlon International.
Egypt, Jordan Sign A Natural Gas Pipeline Maintenance Agreement
Egyptian Minister of Petroleum, Tarek El Molla, and his Jordanian Counterpart, Hala Zawati, witnessed the signing of a long term agreement for the maintenance and operations of the natural gas pipeline in Jordan.
El Molla, Zawati Launch A Compressor Station in Aqaba City
Egyptian Minister of Petroleum, Tarek El Molla, and Jordan's Energy Minister, Hala Zawati, launched a natural gas development project in the main compressor station in Aqaba City to enable natural gas trade between the two countries.
