OIL AND GAS

19 Jul 2014

Egypt Cuts Tax Breaks for Fuel; Few Protest

When President Anwar el-Sadat of Egypt said he intended to raise the price of flour, rice and other subsidized goods in 1977, he ignited days of riots that left more than 70 people dead and stood as a lasting warning to his successors about the perils of forcing impoverished Egyptians to"...

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17 Jul 2014

Egypt hasn't ruled out importing gas from Israel

In light of the energy crisis in Egypt and the inefficiency of power plants due to a lack of natural gas since local production in Egypt decreased, the government and private companies in the sector have resorted to importing liquefied natural gas (LNG) to satisfy local demand.


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17 Jul 2014

BP invests $10bn in Egypt

UK-based oil and gas company British Petroleum (BP) plans to invest $10bn in gas production in Egypt over the next 4 to 5 years, a cabinet statement said Tuesday.


BP said that it will restart a gas project in north Alexandria, halted since 2011 due to instability, and is scheduled to start production in 2017. After"......

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16 Jul 2014

HOG Energi regassification boat to arrive in Ain Sukhna Port in December

The arrival of a regassification boat owned by Norway’s HOG Energi has been delayed to December so that shipments of liquefied natural gas (LNG) may be received in its place. LNG will be imported over the coming years in order to provide for the needs of power stations according to"...

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14 Jul 2014

Luxor considers establishing EGP 22m plant to generate solar electricity: Governor

The governorate of Luxor is considering the establishment of a solar energy power plant with 2 MW capacity through EGP 22m in investments, with the goal of “beginning the shift” to clean energy throughout the 2014/2015 fiscal year, according to Governor Tarek SaadEddin.

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13 Jul 2014

Dues owed to foreign oil and gas companies reach $6.3 bln in July


Dues owed to foreign oil companies reached a total of $6.3 billion this July, compared to $6 billion at the end of April, according to Tareq Al-Mula, president of the Egypt General Petroleum Corporation"...

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12 Jul 2014

Egypt tries crude swaps to import foreign oil

Egypt is offering to swap some of its domestic oil production for Iraqi crude better-suited to its ageing refining system, as Cairo's budget woes restrict its ability to buy on international markets.

Egypt's state-owned Egyptian General Petroleum Corp issued a tender to swap a 435,000-450,000 barrel cargo of its Qarun crude oil grade for a similar-sized...

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10 Jul 2014

‘Long Live Egypt Fund’ receives over EGP 400m in donations

Two weeks after the launch of the 037037 bank account to collect donations to help Egypt’s economy, the total value of donations exceeded EGP 400m, the Central Bank of Egypt’s (CBE) press office told the Daily News Egypt.


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10 Jul 2014

World Bank negotiating $500m loan for gas delivery to homes

The World Bank is in negotiations to grant Egypt a loan of $500m to finance delivery of natural gas to approximately 800,000 housing units through the next fiscal year, according to Khaled Abdel Badie, chairman of the state-run Egyptian Natural Gas Holding Company (EGAS).


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10 Jul 2014

Gas In Egypt Is 78 Percent More Expensive Now Than Last Week

It's 2 p.m. on a hot day in Cairo and cars are lined up for blocks at this gas station in the east of the capital. People are waiting to fill their cars with the cheapest gas available — which is 78 percent more expensive than it was last week.


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