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Oil diminishes interest rates

By Ahmed El-Wahsh Central Bank of Egypt (CBE) director, Hisham Ramez took the decision of unexpectedly cutting nationwide interest rates by 50 basis points on the inflation expectation. This decision was implemented due to the current volatility of the crude oil prices per barrel that had been fluctuating, since the organisation of the petroleum exporting …

Daily News Egypt

EGAS halts pumping of gas to Idku plant

The Egyptian Natural Gas Holding company (EGAS) has stopped pumping gas to the Idku liquefaction plant operated by British Gas and GDF Suez, as a result of the increased use of gas by power stations, according to a senior official at EGAS. He added that since last year, the quantity of gas pumped from EGAS …

Mohamed Adel

Government bodies owe Petroleum Authority EGP 163bn

Several government agencies have stopped paying for fuel products they are receiving from the EGPC in light of their need for this money in order to pay dues they owe to partners and banks. Dues owed to the Petroleum Authority by government agencies are approximately EGP 163bn, according to an official at the Ministry of …

Mohamed Adel