The President Abdel Fattah Al Sisi has reviewed the implementation situation of the national project for vehicles conversion and replacement to run on natural gas with the Prime Minister, Moustafa Madbouly, and Ministers of Petroleum and Mineral Resources, Tarek El Molla, Industry and Trade, Neveen Gamea and other Ministers.

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 luncheon at the American Chamber of Commerce.

The World Bank will grant the Egyptian Ministry of Petroleum a $200m loan. The amount is part of a $1b loan agreement recently signed by both parties, part of which is earmarked to pay dues to foreign oil companies.

Tarek El Molla, Minister of Petroleum and Mineral Resources received a report from Khaled Abdel Badie, Head of the Egyptian Natural Gas Holding Company (EGAS) regarding the outcome of the tender issued by the company for the supply of LNG, reported Egypt Oil & Gas.

Tarek el Molla, Egypt's Petroleum Minister said "The oil sector is to adopt a new strategy to increase natural gas delivery rates to 1.2 million homes across Egypt this fiscal year (2015/2016)," reported Amwal Al Ghad. The decision comes part of the country's Household National Natural Gas Connection Project.

New Minister of Petroleum and Mineral Resources Tarek El Molla said that the value of foreign partners’ share of oil and gas declined by 26% from $880m in FY 2014/2015 to reach $650m per month during current FY 2015/2016.