News / Egypt
IMF Agrees to $12b Loan to Egypt
The International Monetary Fund (IMF) has agreed to lend $12b to Egypt to be paid out over three years, yet the agreement is subject to approval by IMF’s Executive Board in few weeks, according to IMF's website.
Egypt Mulls $3b-$5b Eurobonds in 2016
Egypt requested proposals to issue $3b to $5b bonds in the current fiscal year as part of the government's efforts to shore up reserves and end a foreign-currency shortage that is hampering economic growth.
Egypt Gas Company Marks Loses
Egypt Gas Company's losses in the second quarter of 2016 reached EGP 61.9m ($6.96m), in comparison to EGP 31.3m ($3.5m) during the same period from 2015.
Egypt Approves Five New Oil, Gas Exploration Deals
Egypt's government has approved five oil and gas drilling and exploration agreements with foreign companies.
Siemens Ships Generator to Beni Suef Power Plant
Siemens has shipped the modules for the first heat recovery steam generator (HRSG) for the company’s Beni Suef gas-fired power plant mega project in 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.
