Tarek El Molla met with German-Arab Chamber of Industry and Commerce (GACIC)'s CEO, Andreas Hergenröther .

'The International Monetary Fund (IMF) is a trap meant to drown Egypt in foreign loans and if Egypt accepts it, the country may soon declare bankruptcy,' said Ibrahim Zahran, a petroleum expert, in an exclusive interview with Egypt Oil&Gas.

The association of Mediterranean Energy Regulators (MEDREG) stated it was committed to supporting the development of competitive and transparent gas market in Egypt as the country has been facing major challenges, and long term solutions for the gas sector reform are to be implemented.

Low oil prices has pushed the Angolan government to move forward with a reform in private investment and public services, but the process seems to be moving slowly.

Sherif Ismail, Minister of Petroleum and Mineral Resources, met yesterday with the First Undersecretary of the Ministry as well as other oil sector heads to determine the course they would take in this current stage.

The government reduced subsidies by 47.9% in the first three months of 2015

According to a statement by the Ministry of Finance Egypt’s fuel subsidy bill for the first half of the 2014/2015 fiscal year fell to 44.7 billion EGP ($5.85 billion) in comparison to 64.5 bn from the previous year, reported Reuters.

Saudi Arabia's central bank governor called for reforms to the country's lavish system of energy and water subsidies, which drain billions of dollars from the state budget and encourage waste by keeping down prices for consumers.

Egypt is considering whether to reduce fuel subsidies by EGP 20 billion ($2.64 billion) next fiscal year, but it needs to study the social implications before reaching a decision, the investment minister said on Thursday.