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Government negotiates with Apache and British Gas to gas prices adjustments

  /  October 19, 2014  /  Business  /  No Comments

The Ministry of Petroleum is engaged in negotiations with British Gas, Apache, and other foreign companies to adjust gas prices for new projects linked with production in the near future. A senior official with the read the rest…

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EGPC offers tender for loan this month to pay a portion of dues to foreign oil and gas companies

  /  October 13, 2014  /  Business  /  No Comments

Petroleum ministry aims to pay $2bn-3bn of foreign dues by year-end

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At least 4 solar power stations to be established for government institutions to work with renewable energy – tenders out for 4 more : Onera chairman Wael El Nashar

  /  September 28, 2014  /  interviews  /  No Comments

Amid Egypt’s energy crisis and worsening power outages, the government has indicated that new and renewable energy could be part of the solution. The Daily News Egypt conducted an interview with Wael El Nashar, board read the rest…

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General Electric wins contract to supply 200 overland pumps for BAPETCO

  /  September 28, 2014  /  Business  /  No Comments

GE has also launched several major projects to generate power

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Barclays raises finance portfolio for small and medium enterprises to EGP 1.2bn

  /  September 24, 2014  /  Business  /  No Comments

Bank plans six new branches over next two years

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British Gas to finish connecting 500m cubic feet per day in Al-Borolos fields

  /  September 24, 2014  /  Business  /  No Comments

Egypt’s total production will increase to 5bn cubic feet by year end, says EGAS official

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Investment in petroleum sector linked to Egypt’s political orientation: Former minister

  /  September 23, 2014  /  interviews  /  No Comments

Former petroleum minister Osama Kamal and former EGPC vice president Medhat Youssef talk to Daily News Egypt about the problems in Egypt’s petroleum industry

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Egypt to reimburse share of foreign partner’s oil and gas revenues at $700m a month: Tarek El Molla

and   /  September 22, 2014  /  Business  /  No Comments

EGPC, petroleum sector companies register EGP 72.2bn profit during FY 2013/2014

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Gulf of Suez project exporting 270,000 tonnes of PET annually: EGPC official

  /  September 21, 2014  /  Business  /  No Comments

The Polyester Producing Company, subsidiary of the Egyptian Petrochemicals Holding Company, exports 270,000 tonnes per year of polyethylene terephthalate (PET) while 150,000 tonnes of the product are provided to the local market, according to an read the rest…

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New mineral resources law to be ratified by President within days

  /  September 21, 2014  /  Business  /  No Comments

25% of rent revenues directed toward developing governorates

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Government to offer bids to generate 8GW from coal and renewable energy: Salman

  /  September 16, 2014  /  Business  /  No Comments

The government hopes to offer two tenders to generate 8GW of electricity from new and renewable energies, said Minister of Investment Ashraf Salman on Tuesday. He added that there are also plans to construct power read the rest…

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Upcoming period is busy time for petroleum industry: Petroleum minister

  /  September 16, 2014  /  interviews  /  No Comments

Although there will be a $2bn in debts to foreign partners by year end, ministry has paid back $11.2bn to foreign companies during FY 2013/2014

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RWE injects $300m into its area of concession for FY 2014/2015

  /  September 13, 2014  /  Business  /  No Comments

Germany’s RWE, a Suez Oil Company (SUCO) partner, has increased investment allocations for the 2014/2015 fiscal year to approximately $300m compared to the previous $218m, according to a company official. The new investments will be read the rest…

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Fuel distribution monitoring via GPS and smart card system reduces smuggling by 60%

  /  September 10, 2014  /  Technology  /  No Comments

The official added that EGPC has recently faced difficulties in monitoring fuel distribution and following up on shipment arrivals at depots and then to stations.

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German government to sell stake in energy giant RWE to Russian billionaire

  /  September 9, 2014  /  Business  /  No Comments

Winner of the RWE bid is the second richest man in Russia

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Tanmeyah Company aims at EGP 30m profit by year’s end

  /  September 7, 2014  /  Business  /  No Comments

Tanmeyah buys new equipment to offer more services to oil companies

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Poor technical conditions in power stations worsen due to outages and wasted fuel: EGAS official

  /  September 7, 2014  /  Business  /  No Comments

Petroleum ministry supplies fuel to electricity worth approximately $72m per day

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Second phase fuel smart-card distribution to save EGP40bn: Former petroleum minister

  /  September 3, 2014  /  Business  /  No Comments

The government has so far distributed 2.6m out of the targeted 4.5m smart cards, said Tareq Al-Mula, chairman of the Egyptian General Petroleum Company (EGPC).

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Company invests EGP 2bn in construction of hypermarket: Supply minister

and   /  September 2, 2014  /  Business  /  No Comments

Private company to supply EGP 2bn to build chain of hypermarkets as part of plan to expand local trade markets in collaboration with supply ministry

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Feasibility study underway for propylene project through $1.5bn in investments: ECHEM official

  /  September 2, 2014  /  Business  /  No Comments

Three feasibility studies for petrochemical projects to be completed by 2015

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EGAS halts pumping of gas to Idku plant

  /  September 1, 2014  /  Business  /  No Comments

The Egyptian Natural Gas Holding company (EGAS) has stopped pumping gas to the Idku liquefaction plant operated by British Gas and GDF Suez, as a result of the increased use of gas by power stations, read the rest…

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Gas imports from Israel to save Egypt $10 per million BTUs

  /  August 30, 2014  /  Business  /  No Comments

LNG will not be sufficient to meet actual needs of all sectors: Medhat Youssef

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Daily increase of 100m cubic feet of gas production in Egypt

  /  August 27, 2014  /  Business  /  1 Comment

Deficit in fuel for electricity and gas equivalents now stands at 4m cubic metres daily at the expense of factories

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80% majority of Egypt’s natural gas production goes to power plants: Petroleum ministry report

  /  August 25, 2014  /  Business  /  1 Comment

Power plants currently receive 80% of Egypt’s natural gas production, equivalent to approximately 3.043bn cubic feet per day, currently the maximum supply rate, according to a report issued by the Ministry of Petroleum. Approximately 519.8m read the rest…

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Power crisis threatens industrial sector

  /  August 25, 2014  /  Business  /  1 Comment

Daily reduction of 725m cubic feet of gas at factories; gas supply to EBIC, Alexandria Fertilizers, and Egyptian Fertilizers stopped

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Government bodies owe Petroleum Authority EGP 163bn

  /  August 23, 2014  /  Business  /  2 Comments

Several government agencies have stopped paying for fuel products they are receiving from the EGPC in light of their need for this money in order to pay dues they owe to partners and banks. Dues read the rest…

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Government fails to abide by payment schedule with foreign partners

  /  August 23, 2014  /  Business  /  No Comments

The government is the reason behind the continued inability of the petroleum sector to repay dues to foreign partners in return for oil and gas received monthly, said an official at the Ministry of Petroleum read the rest…

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Foreign partners demand government repays dues before increasing investments

  /  August 23, 2014  /  Business  /  2 Comments

Foreign companies operating in the oil sector have linked increasing their investments to their payment from the Egyptian government, in light of the government’s failure to keep to the repayment schedule that was previously agreed read the rest…

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EGPC guarantees loan with naphtha, crude oil revenues from Ras Gharib

  /  August 23, 2014  /  Business  /  1 Comment

Total dues owed to foreign partners in the petroleum sector currently stand at $5.9bn, according to the head of the EGPC.

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Petroleum agreements stipulate interest on the government’s dues to its partners

  /  August 23, 2014  /  Business  /  11 Comments

All petroleum agreements stipulate an interest on dues owed by the government to its partners in the case of late payment, and the interest rates vary with each agreement, the official added.

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