The Egyptian Natural Gas Holding Company (EGAS) decreased the volume of imported gas by approximately 7%, to reach 650 mcfd compared to 700 mcfd in January.

Saudi Arabia's recent pledge of $20b worth of petroleum products to Egypt over the coming five years, in addition to China's pledge of $1.7b in loans to Egypt's Central Bank (CBE) and The National Bank of Egypt (NBE), are considered as a credit positive for the country.

The Central Bank of Egypt (CBE) opened a commercial letter of credit of $400m for the Egyptian General Petroleum Corporation (EGPC), to be paid within three months starting from January.