News / Egypt
GUPCO Breaks it’s All Time Production Record
Gulf of Suez Petroleum Co. (GUPCO) announced its success in breaking the company’s all time production record, by increasing its levels to 84,000 b/d of oil and 2,300 b/d of condensates. In addition the company also generates around 650 tons of butane per day, reported Egypt Oil & Gas.
Orascom Construction Strikes $420m Deal to Develop Power Plants
Orascom Construction announced signing agreements to convert Egypt's Assiut and West Damietta power plants from simple to combined cycle, an endeavor that is work $420m.
Egypt Postpones Bid Round Due to Oil Prices
The Egyptian General Petroleum Corporation (EGPC) decided to postpone planned bid round until prices of Brent oil stabilize in international markets. The bid round was intended to be launched early 2016, offering 10 concessions for exploration in Western Desert and Gulf of Suez.
Butane Subsidies for High-Income Citizens to be Abolished in 3 Years
A source in the government, who declined to be named, told Egypt Oil & Gas that butane subsidies for high-income citizens would be definitely eliminated within the next three years.
Hossam Arafat: Subsidy Cuts Inevitable, Politics as Prime Determinant of World Oil Prices
Head of the General Division of Petroleum Materials, Hossam Arafat, told Egypt Oil & Gas that the reduction of subsidies on petroleum products was inevitable and had already begun in July 2014, as petroleum products prices shifted in the last fiscal year.
Egypt’s Petroleum Ministry and Oil Companies Debate Planning Budgets
Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, headed the General Assembly, held for a number of oil companies, to adopt planning budgets for the fiscal year 2016/2017.
Sisi to Ink Deals with Japan in Energy, Health & Education
Coordination is underway between the two Egyptian and Japanese sides on projects that will be signed during President Abdel-Fattah El-Sisi's visit to Tokyo next month, informed sources told Al Mal.
ISIS Bombed Egypt-Jordan Gas Pipeline
Ansar Beit Al Makdes, an ISIS affiliate, have bombed a main natural gas pipeline in Al Arish area in Egypt’s Sinai. The assailants placed explosive devices under the pipeline and activated them remotely, an action which halted gas supply to houses in the entire area.
