Ministry of Finance | Egypt Oil & Gas - Part 2
Petroleum Sector Achieves EGP 20 B Surplus in Nine Months
The Deputy Minister of Finance for Financial Policies, Ahmed Kojak, said that petroleum sector achieved a surplus in the state’s public budget exceeding EGP 20 billion during the first nine months of the current...
Egypt To Cut Petroleum Products Subsidies by 47%
The Ministry of Finance is cutting subsidies of petroleum products in the new draft budget project for fiscal year (FY) 2020/2021 by nearly 47%, according to a statistical report issued by the ministry of finance. Acc...
Protocols of Cooperation to Settle Decades-Old Financial Debts
In an effort to end the financial debts accumulated for more than 30 years, the Ministries of Electricity and Renewable Resources, Petroleum and Mineral Resources, Finance, and the General Public Sector signed three p... Electricity Ministry to Pay EGP 1.3 B Per Month for Fuel
The Ministry of Electricity has agreed to repay EGP 1.3 billion per month to the Ministry of Petroleum for the fuel supplies provided to the power generation plants, after it has already paid EGP 35 billion of its arr...
PM Oversees Settling Interministerial Financial Records
Prime Minister Mostafa Madbouly held a meeting on August 7 to follow up on resolving financial entanglements between ministries, according to a Cabinet statement. The meeting was attended by the Minister of Petroleum,...
Egypt Plans More Oil Hedging Contracts
The Egyptian government is planning to double the number of crude oil hedging contracts for fiscal year (FY) 2019/20, two government officials reportedly told Enterprise. The government is set to renew two hedging con...
Egyptian Government Resolves Ministries’ Financial Affairs
Prime Minister Mostafa Madbouly held a meeting today to discuss the financial issues and resolve any disputes between the Ministries of Electricity, Petroleum and Finance, according to a statement by the Cabinet. Madb...
Egypt to Hedge Oil Prices in FY 2019/20
Egypt plans to apply an oil hedging mechanism in fiscal year (FY) 2019/20 that starts in July after its efforts to lock-in oil prices in the FY 2018/19, according to Finance Minister Mohamed Maait, Bloomberg reported....
