News / Egypt
Egypt’s Diesel Reserves to Cover 5 Days of Demand
Egyptian General Petroleum Corporation's Chairman, Tarek El Hadidi, stated that Egypt has enough diesel stored to cover five days of local demand, with import cargos arriving regularly. He added that Saudi Arabia's Aramco will supply Egypt with 12 diesel shipments on a monthly bases.
RockHopper Buys Egypt’s Beach Petroleum for $11.9m
UK’s RockHopper Exploration bought Beach Petroleum (Egypt) Pty Limited for $11.9m. The acquisition was funded by the company's existing cash resources with Beach Petroleum retaining the majority of of the Egyptian General Petroleum Corporation (EGPC) receivables balance of $10.1.
Electricity Ministry Borrows EGP 5b to Pay EGPC
The Egyptian Ministry of Electricity agreed to obtain a loan worth EGP 5b to pay its dues to the Egyptian General Petroleum Corporation (EGPC) as the ministry needs to pay for fuel provided to power plant.
EGAS Tenders 9 Concessions for Exploration
The Egyptian Natural Gas Holding Company (EGAS) will issue a tender for discovery and exploration of oil and gas in 8 to 9 sectors in deep sea waters off the shore of the Mediterranean. This will bring the total number of concessions up for tenders within 2016 to 30. The Egyptian Minister of Petroleum, Tarek El Molla, stated that EGAS’s tender will proceed once the previous two tenders issued by Ganoub El Wadi Petroleum Holding Company (GANOPE) and the Egyptian General Petroleum Corporation (EGPC) conclude.
Egypt to Receive First IMF Installment in September
The $12b loan facility that the International Monetary Fund (IMF) has preliminarily agreed to provide for Egypt will be divided into three tranches, each worth $4b, with the first expected to be paid out as early as September
Eni Invests $4b in Zohr Gas Processing Plant
Italian Oil Company Eni invested an amount worth $3.5b to $4b in implementing the Zohr natural gas production processing plant at a capacity of 2.7bcf/d of gas.
Egypt’s El Beheira Governorate Mulls Solar Projects
The Egyptian governorate of El Beheira has received offers to construct solar energy power plants in Wadi El Natrun and Rasheed worth EGP 1.7b, with capacities ranging from 20 MW to 50 MW, over the course of two years.
Egypt’s Fuel Subsidies Fell 23%
Egypt's spending on petroleum subsidies fell by 23% in 2015/16 to EGP 55b ($6.27b) from a targeted EGP 61b, Head of the Egyptian General Petroleum Corporation (EGPC),Tarek al-Hadidi said, citing a decline in global oil prices as the main drive to absorb the cuts.
