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Dues to foreign companies increase by $300m

Dues to foreign companies operating in the oil sector have increased by $300m, while the government’s inability to pay such an amount – even as it repays small portions of its debt – has lead to an accumulation of the total debt to an estimated $6bn. The value of the foreign partner’s share, crude gas …

Daily News Egypt

Petroleum ministry proposes petrochemical projects worth $540m to UAE

Egypt has proposed three petrochemical projects to the UAE for a total investment of $540m, according to a senior official at the Ministry of Petroleum. The projects included establishing a factory to produce bio-ethanol from molasses, the output of which would reach 100,000 tonnes of molasses annually, with investment in the project totalling $250m. The …

Mohamed Adel

Dues owed to foreign oil and gas companies reach $6.3bn in July

Dues owed to foreign oil companies reached a total of $6.3bn this July, compared to $6bn at the end of April, according to Tareq Al-Mula, president of the Egypt General Petroleum Corporation (EGPC). The government will pay at least $1.5bn of these receivables to these foreign companies by the end of the year 2014, according …

Mohamed Adel

Libya assembly speaker confirms Miitig as premier

AFP – The speaker of Libya’s General National Congress confirmed Ahmed Miitig as the country’s prime minister Monday, after approving his appointment following a chaotic session of the interim parliament. “Ahmed Omar Miitig was appointed head of the transitional government, and asked to form his cabinet and present it to the GNC for a confidence …

Daily News Egypt

Egypt’s debt to foreign oil firms up at $5.7bn

Reuters – Egypt’s debts to foreign oil companies operating in the country rose to $5.7bn by the end of March, the head of the state-run oil company told Reuters, up $800m from the government’s last reported figure despite recent repayments. Money owed to foreign oil majors including BP and BG Group totalled $4.9bn in December, indicating Cairo’s debts to …

Daily News Egypt