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British Petroceltic files arbitration case against EGPC

British Petroceltic announced on Sunday filing an arbitration case against the Egyptian General Petroleum Corporation (EGPC) at the World Bank Group’s International Centre for Settlement of Investment Disputes (ICSID), according to a statement by the company. The EGPC reportedly breached its obligations in several gas sales agreements and was not able to pay its debts …

Daily News Egypt

EGPC pays $3.1 per million BTUs produced from North Alexandria fields

The Egyptian General Petroleum Corporation (EGPC) is paying about $3.1 per million British thermal unit (BTUs) of British Petroleum’s(BP) share of the gas currently produced from the fields of northern Alexandria and the deep West Delta in the Mediterranean, according to the price formula linked to oil prices in world markets. A source at the …

Mohamed Adel

EGPC to provide 15,000 tonnes of LPG daily in market

The CEO of the Egyptian General Petroleum Corporation (EGPC), Abed Ezz El-Regal, said that the country’s production of liquefied petroleum gas (LPG) reached about 15,000 tonnes per day in the local market, which fulfils the state’s needs, specifically commercial and household consumption. He added that the state is keen to meet the local market’s needs …

Daily News Egypt

20% increase in petrol pumping rates to occur during Eid

Abed Ezz El Regal, chairperson of the Egyptian General Petroleum Corporation (EGPC), said that there will be increases in the pumping rates of petrol in the market, from 20m litres per day to 24m litres per day, a 20% increase across the country. He added that through distribution companies, the corporation will also increase diesel …

Mohamed Farag

EGPC negotiates with 5 banks for EGP 4bn loans

The Egyptian General Petroleum Corporation (EGPC) has started negotiations with five local and Arab banks to obtain EGP 4bn in loans to purchase and supply petroleum products. Sources from the EGPC told Daily News Egypt that the banks are Banque Misr, the National Bank of Egypt (NBE), National Bank of Kuwait (NBK), Al Ahli Bank …

Mohamed Farag

EGPC owes Electricity Ministry EGP 100bn

The Egyptian General Petroleum Corporation (EGPC)’s dues owed to the electricity sector increased to EGP 100bn last month. A governmental source told Daily News Egypt that the dues are rising, as the EGPC does not pay for the fuel fed to power plants and only pays about EGP 800m every month out of a monthly …

Mohamed Farag

EGPC poses tender to replace Aramco fuel shipments in January

The Egyptian General Petroleum Corporation is set to pose a tender to supply all needs of the domestic market of petroleum products in January, replacing the Saudi Aramco shipments, which were halted since October. A government source told Daily News Egypt that Aramco’s contract to supply 700,000 tonnes of petroleum products per month was stopped, …

Mohamed Adel

EGPC paid $480m of bank instalments to EDCO

The Egyptian General Petroleum Corporation (EGPC) paid approximately $480m in bank instalments to EDCO liquefaction plant, affiliated to Royal Dutch Shell, which ceased operating at full capacity in 2012. This did not result in the foreign partner (Shell) raising an international arbitration case against Egypt. A source in the petroleum sector told Daily News Egypt that …

Mohamed Adel

Egypt gas agreements: from production sharing to tax/royalty

All oil exploration and production concession agreements in Egypt have been operating according to Production Sharing Agreements since 1973. This was a shift from the tax/royalty system towards equal sharing agreements concluded between the government, represented by the Egyptian General Petroleum Corporation (EGPC), and foreign companies, with a view to reduce the pressure on the …

Nagy Iskander