Egyptian Oil & Gas Taxes Estimated at EGP 44.17b

• Thursday, 20th April 2017
• by Sarah Samir

Egyptian oil and gas taxes were estimated to increase in the new budget of fiscal year 2017/2018 by 37.7% from the EGP 32.09b allocated in 2016/2017 to reach EGP 44.17b, an official at the Egyptian General Petroleum C...

Tax Authority to Discuss VAT on IOCs

• Tuesday, 11th April 2017
• by

The Egyptian Tax Authority’s Chairperson, Emad Samy, stated that the Tax Authority  is in talks over applying the value added tariff (VAT) on international oil companies (IOCs) working in Egypt, adding that it w...

Egypt to Repay Half IOCs Arrears

• Thursday, 30th March 2017
• by Sarah Samir

Egyptian Minister of Petroleum and Mineral Resources, Tarek El Moll, stated that Egypt will repay half of its dues to international oil company (IOCs) in weeks. The country’s arrears for IOCs were estimated at $...

EGAS to Borrow EGP 2b for Arrears Settlements

• Monday, 13th February 2017
• by Sarah Samir

The Egyptian Natural Gas Holding Company (EGAS) addressed financial institutions to take a loan of EGP 2b in order to be able to pay financial obligations that include dues of foreign partners, reported Al Mal News. E...

Egypt to Repay $3.5b to IOCs

• Sunday, 29th January 2017
• by Sarah Samir

The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt is committed to repaying the $3.5b debts for international oil companies (IOCs) even with the recent USD shortage, reported R...

EGPC Hedged USD on Weekly Basis

• Tuesday, 10th January 2017
• by Sarah Samir

International oil companies (IOC) operating in Egypt pay contractors at an exchange rate that is set weekly by the Egyptian General Petroleum Corporation (EGPC), reported Al Ma News. Officials at small IOCs stated tha...

Egypt Reduced Oil, Gas Arrears to $3.5b

• Wednesday, 4th January 2017
• by Sarah Samir

Egyptian Minister of Petrleum and Mineral Resources, Tarek El Molla, stated that Egypt’s arrears to international oil companies (IOC) decreased from $3.6b in September to reach $3.5b by the end of December 2016,...

Egypt Paid $100m to Oil Firms

• Monday, 19th December 2016
• by Sarah Samir

The Egyptian Ministry of Petroleum and Mineral Resources paid around $100m payment to international oil companies (IOC) in outstanding dues for buying their share of production of crude oil and natural gas produced fr...

Egypt Owes $3.6b in Oil, Gas Arrears

• Thursday, 17th November 2016
• by Sarah Samir

A source with the petroleum sector told Egypt Oil&Gas that Egypt owes $3.6b in backdated arrears to international oil companies (IOC). He added that the government is committed to paying all overdue amounts and ha...

El Molla: Egypt Signed 70 New Oil&Gas Agreements

• Wednesday, 16th November 2016
• by Sarah Samir

The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt has recently signed 70 new oil and gas exploration agreements after agreeing with international oil companies (IOCs) to amend...