budget
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GUPCO Targets Production of 77,000 BBL/D in FY 2020\21
Monday, 17th February 2020
The Gulf of Suez Petroleum Company (GUPCO) has approved a budget of around $543 million to achieve a production rate of around 77,000 barrels per day of crude oil (bbl/d) in Fiscal Year (FY) 2020\21, GUPCO Chairman, Mohamed El Meligy said.
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Egypt to Cut Petroleum Subsidies by 42% in FY 2019/20
Thursday, 28th March 2019
The Egyptian government decided decreasing petroleum products subsidies by 42% in the budget plan of fiscal year (FY) 2019/20.
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Egypt Spends EGP 45B on Fuel Subsidies in H1 2018/19
Tuesday, 8th January 2019
Egypt has spent around EGP 45 billion on fuel subsidies during the first half of fiscal year (FY) 2018/19, Minister of Petroleum Tarek El Molla has said.
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Egypt Cancels Fuel Hedging Contracts
Monday, 10th December 2018
The Ministry of Finance has canceled plans to purchase fuel hedging contracts from international financial institutions.
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Finance Ministry to Allocate $80/Barrel of Oil in the 2019/20 Budget: Government Official
Wednesday, 31st October 2018
The Egyptian Ministry of Finance will calculcate the 2019/20 budget using a benchmark oil price of $80 per barrel.
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El Molla Requests Budget Increase for Fuel Subsidies
Sunday, 14th October 2018
Egyptian President Abdel Fattah El Sisi has revealed that petroleum minister Tarek El Molla requested increasing fuel subsidy allocations to $125 billion.
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Egypt’s Fuel Subsidies Bill May Reach EGP 100B in 2018/19: Government Source
Thursday, 4th October 2018
Egypt's fuel subsidies bill could reach EGP 100 billion in fiscal year (FY) 2018/19 due to the recent surge in oil prices, according to a government source.
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El Molla: Egypt will Continue to Cut Energy Subsidies
Wednesday, 3rd October 2018
Egypt will continue to cut energy subsidies in order to decrease government expenditure, petroleum minister Tarek El Molla has said.
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IMF: Fuel Price Mechanism to Strengthen Egyptian Budget
Tuesday, 17th July 2018
The International Monetary Fund (IMF) has said that the recently-approved automatic fuel price mechanism will protect Egypt's budget from movements in the global oil markets.
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Egypt Pays $75 a Barrel to Import Fuel
Thursday, 31st May 2018
The Egyptian government announced in an official document that fuel imports cost $75 per barrel.
Latest News
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Egypt Launches First Natural Gas Stations App
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Official Gazette publishes Law authorizing Oil Exploration Contracts in Sidi Barrani
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Norpetco Inaugurates HSE Project with $1.3 MM
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El Molla Attends the 5th IEF-EU Energy and Climate Day
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Commodity CMDTY | Units | Price | Change |
Crude Oil (WTI) WTI | USD/bbl | 62.73 | +2.00% |
Crude Oil (Brent) Brent | USD/bbl | 65.70 | +1.99% |
NYMEX Natural Gas | USD/MMBtu | 2.79 | +0.65% |
OPEC Basket Price | USD/bbl | 65.42 | +2.22% |
Last Modified March 1, 2021