Ahmed Ismail

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Latest by Ahmed Ismail


Government seeks to increase petroleum production, reduce subsidies to cover costs of providing petroleum products

Minister of Petroleum and Mineral Resources Tarek El-Molla said that the government is seeking to recover the costs of providing petroleum products in the local market. This will take place through increasing the production rates of raw petroleum, as well as continuing to reduce subsidies on petroleum products. According to El-Molla, petrol consumption declined by …

Ahmed Ismail

Petroleum Ministry to sign gas transport deal with EU next week

Minister of Petroleum and Mineral Resources Tarek El-Molla said that an agreement in the energy sector is set to be signed with the European Union next week. During his opening speech at the ninth Mediterranean Offshore Conference and Exhibition (MOC 2018) held in Alexandria, El-Molla said the agreement aims to boost cooperation in the natural …

Ahmed Ismail

EDC renews projects contracts in Saudi Arabia for 3 years

Contracts for the Egyptian Drilling Company (EDC)’s projects in Saudi Arabia have been renewed for the next three years, Salah Abdelkereem, head of the Egyptian Drilling Company, which is under the Egyptian General Petroleum Corporation (EGPC), said. He explained that the company controls about 74% of the land and sea drilling market in Egypt as …

Ahmed Ismail

EGAS plans to offer gas exploration in 9 land, sea areas in Q2 2018

The Egyptian Natural Gas Holding Company (EGAS) intends to put forward bids for nine natural gas land and offshore exploration concession areas in the second quarter (Q2) of this year, according to an official source at the company, who declined to be identified. According to the source, the company obtained security approvals for the bidding …

Ahmed Ismail

Petroleum Ministry aims to increase gas production by 19.53%

The Ministry of Petroleum is aiming to increase the average production of Egypt’s natural gas during this fiscal year by 19.53%, to reach 5.342bn cubic feet of natural gas daily, compared to 4.469bn cubic feet of gas daily throughout the past fiscal year 2016/2017, according to data from the ministry. Data reveals that the ministry …

Ahmed Ismail

Petroleum Ministry aims to increase gas production by 19.53%

The Ministry of Petroleum is aiming to increase the average production of Egypt’s natural gas during this fiscal year by 19.53%, to reach 5.342bn cubic feet of natural gas daily, compared to 4.469bn cubic feet of gas daily throughout the past fiscal year 2016/2017, according to data from the ministry. Data reveals that the ministry …

Ahmed Ismail

EGAS to launch tender for importing LNG

The Egyptian Natural Gas Holding Company (EGAS) plans to launch a tender for importing liquefied natural gas (LNG) shipments in January 2018, according to an official source at the company. The source added that the upcoming tender aims to secure local market needs of natural gas during the second quarter (Q2) of 2018. Meanwhile, EGAS …

Ahmed Ismail

Egypt salt imports reach $3.6bn

Egypt’s imports of sodium chloride (salt) during the period from 2014 to 2016 reached $3.6bn, Deputy Head of Petroleum & Mining Industries Chamber Abdul Latif El Kourdy said, adding that Egypt should move to export salt rather than importing it. During a workshop on the salt industry in Egypt, El Kourdy said that the wealth …

Ahmed Ismail

Industrial sector owes EGAS EGP 7bn in debts

The debts of the industrial sector owed to the Egyptian Natural Gas Holding Company (EGAS) amounted to EGP 7bn, according to a source at the company. According to the source, who asked not to be named, the indebtedness of the industrial sector has increased recently as a result of factories tending to pay only a …

Ahmed Ismail

First gas import license to be granted in 2018

An official source at the Ministry of Petroleum and Mineral Resources said that the executive regulation of the gas market regulation law is expected to be completed within the next month. According to the source, the members of the Natural Gas Market Regulatory Authority will be announced next month, while next month will also see …

Ahmed Ismail

Egypt to stop importing gas by end-2018: EGAS

According to Vice President of the Egyptian Natural Gas Holding Company (EGAS) Magdy Galal, the company aims to stop importing liquefied natural gas from abroad by the end of next year. According to Galal, the Ministry of Petroleum owns the bulk structure that qualifies Egypt to become a regional energy hub. It owns the Sumed …

Ahmed Ismail

Proceeds of Tax Dispute Committees amount to EGP 15bn

Deputy Minister of Finance for Tax Policies Amr El-Monayer said that the proceeds of the Tax Dispute Committees amounted to EGP 15bn. The committee had received some 14,000 cases on income and sales taxes and solved 5,400 requests of them. He added that the disputes committee are working to complete the remaining requests, noting that …

Ahmed Ismail

Egypt starts experimental production from Zohr gas field

The Ministry of Petroleum and Mineral Resources began the pilot operation of Eni’s Zohr field, according to a press release by the Minister of Petroleum and Mineral Resources Tarek El-Molla. El-Molla said that the wells were opened and the experimental production of the field began on Friday to test the lines and the natural gas …

Ahmed Ismail

IMF to convene in December over 2nd part of $12bn Egypt loan

The International Monetary Fund’s (IMF) board of directors is set to convene on 20 December to discuss the second portion of the $12bn loan to Egypt. An IMF mission visited Egypt from 25 October to 9 November to review Egypt’s IMF-supported economic reform programme. According to Subir Lall, IMF mission chief for Egypt, fund experts …

Ahmed Ismail

Egypt annual inflation rate falls to 26.7%

The annual inflation rate in Egypt fell in November to 26.7%, down from 31.8% in October, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS), which added that monthly inflation in November was up, scoring 1%. According to CAPMAS data, inflation in urban areas fell to 26% from 30.8% in October. The decline …

Ahmed Ismail

Budget deficit records 2% in Q1 FY 2017/2018 

The total deficit of the Egyptian public budget during the first quarter (Q1) of the current fiscal year (FY) dropped to 2% of the GDP, reaching EGP 85.3bn, down 2.2% from EGP 76.8bn in the same period of the previous FY, according to the Ministry of Finance. According to the ministry, the deficit declined due …

Ahmed Ismail

Shell dominates 19% of Egypt lubricants market

Saher Hashem, managing director of Shell Lubricants Egypt, said that the company’s share of lubricants market increased to 18.5-19% this year, up from 6.5% in 2008, despite selling the petrol stations it owned. Shell had sold all its stations across Egypt in 2013 to French company Total. According to Hashem, during a round table discussion …

Ahmed Ismail

World Bank to disburse 3rd part of loan this month

The Egyptian government will receive the third portion—worth $1bn—of the World Bank loan before the end of this month, an official source at the Ministry of Finance said. According to the source, who asked not to be named, the World Bank’s board of directors will hold a meeting this week to discuss the approval to …

Ahmed Ismail

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