News / Egypt
Obituary: Dr. Eng. Hamdy El Banbi Passed Away
Egypt Oil&Gas is saddened to announce that Dr. Eng. Hamdy El Banbi, Egypt's former Oil Minister, passed away at the age of 81.
Egypt to Collect EGP 70b in Tax Disputes
The Egyptian government approved a draft bill that would settle over 6,000 tax dispute cases worth about EGP 47b ($5.29b), in addition to 150 civil disputes. The total value of uncollected tax arrears has reached EGP 70-80b.
EGAS Reroutes Gas to Power Plants
The Egyptian Natural Gas Holding Company (EGAS) has halted gas supplies to major fertilizer manufacturers as the facilities undergo annual maintenance procedures and EGAS aims at rerouting the supply to power plants in order to cover increased energy demand during August.
Egypt’s FX Reserves Dropped to $15.5b in July
Egypt’s foreign-currency reserves dropped by 11% in July and net international reserves reached $15.5b, after authorities repaid about $2b in debt. This is the biggest drop in FX reserves that Egypt has faced in 16 years.
Oil Ministry, Apache to Amend Oil Agreement
Egyptian President Abdel Fattah al-Sisi issued a decree granting the Petroleum Ministry the permission to amend the agreement on oil exploration in Khalda region in Western Desert.
Brickworks Refuse EGAS Rescheduling Proposal
A source from the Egyptian Natural Gas Holding Company (EGAS) stated that many brickworks are delinquent in payments due for gas supplies and that EGAS will resort to legal action after the factories refused the company's rescheduling proposal for re-payments.
Egypt Evaluates Gas Prices in Market Liberalization Efforts
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the Egyptian General Petroleum Corporation (EGPC) gives priority to reforms within the gas market in order to guarantee that energy demand is met for all the sectors of the state.
El Molla Modifies Gas, Oil Shipments Repayment
Repayment period for gas shipments and petroleum products for Egypt increased to 3 months from arrival
