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Al-Sisi meets with BG’s CEO

Egypt’s President Abdel Fattah Al-Sisi met with Helge Lund, the Chief Executive Officer of British Gas (BG), to discuss the company’s current activities in Egypt and its plans to increase its investments. The meeting was also attended by Petroleum Minister Sherif Ismail, according to an official statement by the presidency. The BG executive congratulated the …

Sara Aggour

Oil spill payments sink BP into the red

British energy giant BP recorded multi-billion dollar losses in the second quarter due to payments linked to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Low oil prices also weighed on results. The loss was "mainly relating to the recently announced agreements in principle to settle claims arising from the 2010 Deepwater Horizon accident," said Bob Dudley,…

Deutsche Welle

Finalising procedures of $3bn loan in June: EGPC Chairman

Work is being finalised on the procedures of obtaining a $3bn loan from the Islamic Development Bank (IDB), allocated to the Egyptian General Petroleum Corporation (EGPC). The procedures for the loan are set to be completed by June, said Chairman of EGPC, Tarek El-Mulla, adding that the IDB loan will be issued due to a …

Mohamed Adel

Government should repay all fuel dues to foreign partners: Official

An oil company official said the government should repay full dues to foreign partners and approve gas price amendments that have been agreed upon to stimulate investments in the sector. Egypt will face stability in oil and gas production rates during fiscal year 2015/2016 as a result of a number of companies reducing their investments, …

Mohamed Adel