HSBC-led consortium of international and Gulf banks will provide a $1 billion loan for Petroleum Export Limited, which is a subsidiary of the Egyptian General Petroleum Corporation (EGPC).
Egypt will start trial operations at the Mostorod refinery complex in December 2018 and prepare for the actual operations to start in Q1 2019 which will contribute to decreasing diesel imports by 50% as the refinery will produce 2.3 million tons per year.
Engineering for the Petroleum & Process Industries (Enppi) has signed a contract with three banks to manage the company's initial public offering (IPO) on the Egyptian Exchange Market (EGX).
A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Egypt has successfully added 40 trillion cubic feet (Tcf) of natural gas to reserves from four major projects during the period from 2016 to 2018, Lamia Abou Shahba, Department Manager of Gas Regulatory Affairs at the Egyptian Natural Gas Holding Company (EGAS), has said.
Noble Energy has sold its 43.5% stake in Israel's Tamar natural gas field a week after announcing that it will fund a natural gas export deal with Egypt.
Egypt's fuel subsidies bill could reach EGP 100 billion in fiscal year (FY) 2018/19 due to the recent surge in oil prices, according to a government source.
Electricity production in Egypt jumped by 4.6% year-on-year (YOY) in June 2018, generating 18.1 megawatts per hour (MWh) compared to 17.3 MWh in June 2017.
Egypt’s diesel consumption dropped by 2.49% year-on-year (YOY) to reach 1.136 million tons in July 2018, down from 1.165 million tons in July 2017.
Egypt will continue to cut energy subsidies in order to decrease government expenditure, petroleum minister Tarek El Molla has said.
