News / Egypt
Egypt Paid $2.35b to Siemens
The Egyptian Ministry of Electricity paid $2.35b to Germany's Siemens for construction work in addition to providing turbines and equipment for Burullus power plant, Beni Suef Power Plant, and New Capital Power Plant.
Egypt Owes EGP 200b to EGPC
The Egyptian General Petroleum Corporation (EGPC) has EGP 200b unpaid dues from government ministries and state-owned institutions for providing them with petroleum products and derivatives.
Egypt to Reduce Fuel Subsidies
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt is studying every possible method including increasing prices in order to reduce fuel subsidy's expenditure in fiscal year 2016/2017.
Egypt to Lift Power Subsides by 2019
Sources with the Egyptian government stated that no budget was allocated for electricity subsidies in Egypt starting from fiscal year 2018/2019.
Shell Cut Burullus, Rasheed Investments
Royal Dutch Shell reduced its investments in Burullus and Rasheed gas fields to $158.9m for maintenance and operating expenses over the current fiscal year.
IMF Board to Review Egypt’s Loan
The $2.5b first tranche of the IMF's $12b loan will be made available to Egypt after the IMF’s executive board reviews the program, with the country’s funding package be presented to the fund’s executive board by the end of October or early November.
EGPC to Import 665,000t of Gasoil
The Egyptian General Petroleum Corporation (EGPC) will receive up to 665,000t of gasoil over 19 cargos. The shipments will be delivered in November.
APICORP to Lend $100m to EGPC
The Arab Petroleum Investments Corporation (APICORP) arranged a $100m Murabaha Financing Facility for Egyptian General Petroleum Corporation (EGPC)
