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The Egyptian Tax Authority warned 13 public and private/public petroleum companies that they face an administrative freeze, and it has refused to accept their tax returns to date. This follows the Ministry of Finance having refused to settle the companies’ tax debt, which is estimated at EGP 3bn owed to the Tax Authority, according to …
Badr El Din Petroleum Company is currently operating Badr 1 but will soon hand over control to the Western Desert Petroleum Company (Wepco). All production will be the property of the state as the contract with Shell expired, according to Al-Mula. The decision to entrust the field to Wepco has been made official and handover …
MIDOR’s refinery capacity in Alexandria stands at approximately 3bn barrels per month; heavy Iraqi Basra crude oil is ideal for MIDOR’s facilities
The aid helps reduce the heavy costs of government fuel subsidies and the drain on foreign exchange reserves.
Financial bodies were unable to meet revenue target and fell behind by 9%.
By Farah Halime, Rebel Economy That’s a question I put to around a dozen Egyptian businessmen over the weekend, all of whom responded with a resounding “Yes”. Here are some snippets of conversations I had with a few of Egypt’s business community over the weekend (some appeared in this story for The National newspaper): Nassef Sawiris, billionaire …
The bank’s board of directors recently granted the EGPC $1bn in letters of credit for the purpose of importing 600,000 barrels of crude oil per month from Libya, after receiving a guarantee from the country’s Ministry of Finance.
By Farah Halime, Rebel Economy Egypt’s state oil company, the Egyptian General Petroleum Corporation, is in big trouble. It has racked up billions of dollars of debt in the last decade with some estimating its dues to banks and oil companies is as high as $20 billion. The magnitude of EGPC’s debts is such …
Daily information briefs from all the governorate’s fuelling stations will be publically posted online
Egypt has cut back on a total of nine million barrels of imported oil for the second quarter of the year, without any official explanation
Nile Petroleum will become the primary distributor of Shell marine lubricants in Egypt, serving ships passing through the Suez Canal
Egypt runs out of cash for diesel subsidies
EGPC is seeking to buy 968 thousand tonnes of diesel to be delivered between April and June
By: Farah Halime Billions of dollars of financing earmarked for Egypt is mounting up behind an International Monetary Fund (IMF) dam. Until Egypt agrees a final deal with the IMF for a $4.8 bn loan package, none of the estimated $14.5 bn in additional financial support and aid will be released. The effects of the …
The government is currently negotiating with the Islamic Development Bank to obtain more funding for a series of new infrastructure projects
The company’s gold shipment to the Netherlands has cleared customs
Operations remain suspended due to a shortfall in working capital
97 exploratory wells in this bid round
During the 2011-2012 fiscal year, public sector petroleum companies have generated revenues totalling EGP 14.7 billion, a 9 per cent increase from fiscal year 2010-2011
Egypt’s oil curse – part 2
The beginning of this fiscal year has seen the EGPC balancing debt to banks and financial obligations to foreign companies