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Iran to maintain oil exports if EU salvages nuclear deal

Iranian Oil Minister Bijan Zanganeh said that the US President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the European Union (EU) could salvage the pact, Reuters reported. The Iran nuclear deal was signed by Trump’s predecessor, Barack Obama, along with the United Kingdom, France, Germany, China, …

Mohamed Samir

CBE maintains interest rates in the wake of rising oil prices

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to maintain interest rates at their current levels,  according to a statement issued by the CBE on Thursday. On April, The MPC decided to cut interest rates by by 100 basis points (1%). For the second time in 2018, each of the overnight deposit …

Daily News Egypt

Saudi oil storage in Egypt, marketing in Europe: Aramco

Minister of Petroleum and Mineral Resources Tarek El-Molla and the CEO of Aramco Trading Company, Ibrahim Al-Buainain, discussed ways to enhance joint cooperation and achieve sustainability in the commercial relations between Egypt’s petroleum sector and Aramco, and enhance cooperation in the supply of crude oil to be refined in Egypt. El-Molla pointed out that the …

Daily News Egypt

Yorktown to sell Egypt-based oil, gas company Merlon International

The New York-based private equity firm Yorktown Partners is reportedly planning to sell its Egypt-focused oil and gas company Merlon International, Reuters reported on Saturday. According to the reports, the firm aims to raise up to $400m, and the sale will be run by Citigroup, with expected bids planned to be concluded by July. Merlon …

Mohamed Samir

EGYPS 2018, North Africa’s largest oil, gas industry platform to begin February 

EGYPS 2018, North Africa’s largest oil & gas industry platform is scheduled to kickstart in February, in its second annual edition, under the patronage of President Abdel Fattah Al-Sisi. The platform aims to bring together the region’s key stakeholders shaping the energy industry’s future. “With abundant resources, some of the most competitive production costs worldwide, …

Daily News Egypt

Total acquires Maersk Oil for $7.45bn in share and debt transaction

Total company announced in a statement that its boards and A.P. Møller-Mærsk boards have approved Total acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S (Maersk Oil), in the form of a debit and share transactions. Both boards agreed that This proposed transaction is subject to the applicable legally …

Nihal Samir