Congo Orders Oil, Mining Companies to Pay Taxes in US Dollars

• Wednesday, 23rd March 2016
• by Egypt Oil & Gas

In attempt to increase foreign currency reserves, Democratic Republic of Congo ordered mining and oil firms to pay taxes and import duties in US dollars rather than in the national currency, the Central Bank of Congo ...

Oil Ministry Aims to Deliver Gas to Homes, Reducing Imports

• Sunday, 6th March 2016
• by Egypt Oil & Gas

Egypt’s petroleum sector aims to expand the delivery of gas to 3.5m housing units by the end of 2019, a source at the Ministry of Petroleum told Egypt Oil & Gas, adding that this move would reduce Egypt̵...

Oil Prices Push Down Egypt’s Fuel Subsidy Bill

• Wednesday, 13th January 2016
• by Egypt Oil & Gas

Egypt’s budget for fuel subsidies has decreased by EGP 5b, reaching EGP 56b, in comparison to initial estimates of EGP 61b. The statement was made by Egyptian Petroleum minister, Tarek El Molla, during a luncheo...

EGPC Denies Negotiations over Dollar Repayments

• Wednesday, 9th December 2015
• by Egypt Oil & Gas

The Egyptian General Petroleum Corporation (EGPC) issues a press release denying any claim that it intends to delay the dollar payments it owed. “The EGPC is on track and on time with its payment of dues to othe...

Petroleum Products Imports to Increase to $1.3b/Month

• Monday, 19th October 2015
• by Egypt Oil & Gas

Sources at EGPC revealed that the rise in the dollar value will increase the crude oil and petroleum derivatives import bill to reach $ 1.3b a month in comparison to the previous range of . 1b-1.2b,  reported Al-Mal. ...

Elevated Dollar Value May Impede Egypt’s Ability to Pay IOCs

• Tuesday, 13th October 2015
• by Egypt Oil & Gas

A state official told Egypt Oil & Gas that higher dollar exchange rates in the local market are threatening the ability of the Egyptian government to pay debt installments to international oil companies (IOCs), es...

Ahead of OPEC Meeting, Crude/Dollar Trade Returns to the Market

• Tuesday, 26th May 2015
• by Egypt Oil & Gas

A once-popular pair trade pitting the U.S. dollar against oil prices has re-emerged in recent weeks, injecting a new wildcard into the market just as the Organization of the Petroleum Exporting Countries prepares to m...

Dollar Hits a Low as Oil Prices Maintain Upward Trend

• Thursday, 7th May 2015
• by Egypt Oil & Gas

The dollar touched its lowest level in 11 weeks and US and European equities remained under pressure as the recent sell-off in government bonds on both sides of the Atlantic showed few signs of abating. The moves came...

Oil Prices Fall as US Dollar Strengthens

• Tuesday, 5th May 2015
• by Egypt Oil & Gas

Oil prices ticked lower Monday on a stronger dollar and weak Chinese manufacturing data. Light, sweet crude for June delivery settled down 22 cents, or 0.4%, at $58.93 a barrel on the New York Mercantile Exchange. Bre...