Issue: July 2013

Download

INSIDE ISSUE

  • The Elusive IMF Loan

    Many investors, politicians, and Egyptian citizens are hoping for a speedy agreement concerning the proposed $4.8 billion IMF loan to Egypt. Investors and businessmen believe that the loan will provide the short term economic stability needed to shore up investment. The Egyptian government sorely needs the financing for cash-strapped sectors of the economy. Egyptian citizens, view the loan as a litmus test for the ability of the government to provide the minimum level of economic security for its citizens. Despite months of negotiations, the Egyptian government and the IMF appear no closer to reaching an agreement over the loan. Meanwhile, political turmoil threatens future progress, and the economic situation in the country continues to deteriorate. An increasingly weary IMF and constantly changing government are unlikely to arrive at an agreement over the loan anytime in the near future.

  • Comparative Subsidy Reform

    Egypt's difficulties in implementing subsidy reforms are not uncommon. Many countries have encountered challenges while implementing energy subsidy reform. According to the International Monetary Fund (IMF), reductions in energy subsidies have often led to widespread public protests and to either a complete or partial cancellation of price increases.

  • Khalda Gas Compression Project

    The Qasr Gas Compression Project (QGCP) is designed to improve recovery at the gas-condensate Qasr reservoir in the Western Desert. The reservoir is located approximately 525 km west of Cairo and is operated by Khalda Petroleum Company (KPC), a joint venture between Apache Corporation and Egyptian General Petroleum Company (EGPC). ENPPI is the original contractor for the project and Eng. Ayman Saleh is the KPC Project Manager.

  • Sipetrol’s East Ras Qattara Concession

    This month Egypt Oil and Gas had the pleasure of visiting Sipetrol International's record-breaking East Ras Qattara (ERQ) concession. Egypt Oil and Gas met with Sipetrol's Eng. Sayed Rezk, General Manager of PetroShahd (Sipetrol's joint venture) to discuss the history and recent successes of the concession. Egypt Oil and Gas also met with Sipetrol's Mohamed Ismael, Senior Reservoir Engineer and Gamal Shanhory, Field Manager, in order to discuss the developmental aspects of the East Ras Qattara concession.

  • Egypt’s Impending Subsidy Crisis

    Since the revolution, Egypt's economy has been in a state of deterioration evinced by an increasing deficit, dwindling foreign reserves, and rising inflation. Economic reform, specifically the proposed removal of energy subsidies, continues to be a contentious issue particularly when juxtaposed against current energy shortages and increasing domestic consumption. Many argue that the removal of subsidies would have catastrophic consequences for the poorer strata of Egyptian society but others are demanding reform claiming that Egypt can no longer afford the luxury of subsidization. Egypt Oil and Gas examines the issue of energy subsidies in order to assess current expenditures, attempts at reform, and the potential economic, political, and social costs of inaction.

  • Interview with John Evans, General Manager of Fugro

    While we have faced several challenges over the last two years, our business was not seriously damaged.We managed to continue to trade profitably. Fortunately, we have not had to make staff reductions or cut salaries, as some other companies have had to do.

  • Shell and British Council Egypt Honor Intilaaqah Graduates

    For the seventh year in a row Shell Egypt and British Council Egypt honored the graduates of the 'Shell Intilaaqah Egypt' program. The seventh annual awards ceremony was held at the Intercontinental City Stars, El Saraya Ballroom.

  • Kuwait Energy Launches Partnership with Students from Suez Canal University

    Kuwait Energy recently announced an educational partnership with the Society of Petroleum Engineers involving students from Suez Canal University. The partnership is part of Kuwait Energy's ongoing efforts to support community-based initiatives.

  • Monthly News

    News of the month, know more about the recent activities this industry has shown during June 2013.