Egypt has managed to primarily secure the additional funding required to proceed in the International Monetary Fund (IMF) loan. Efforts exerted by both the CBE and Egyptian government resulted into securing the requested financing package of $6b.
Egypt's government has dropped the purchasing prices for electricity in the second phase of the country's Feed-in Tariff (FiT) program from $0.1432, the rate used in first phase, to $0.084.
The Egyptian Ministry of Petroleum and Mineral Resources agreed with Royal Dutch Shell Petroleum Company to re-price gas produced in phase 9C from Burulus field to be the same pricing as 9B phase gas, ranging between $2.5 and $5.88 per thermal unit.
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, meets British Ambassador in Egypt, John Casson, to discuss bilateral cooperation in oil and gas.