Congo Orders Oil, Mining Companies to Pay Taxes in US Dollars
Wednesday, 23rd March 2016
In attempt to increase foreign currency reserves, Democratic Republic of Congo ordered mining and oil firms to pay taxes and import duties in US dollars rather than in the national currency, the Central Bank of Congo announced.
Oil Ministry Aims to Deliver Gas to Homes, Reducing Imports
Sunday, 6th March 2016
Egypt's petroleum sector aims to deliver gas to 3.5m housing units by the end of 2019, a source at the Ministry of Petroleum told Egypt Oil & Gas, adding that this move would reduce Egypt's annual imports of butane gas.
Oil Prices Push Down Egypt’s Fuel Subsidy Bill
Wednesday, 13th January 2016
Egypt's budget for fuel subsidies has decreased by EGP 5b, reaching EGP 56b, in comparison to initial estimates of EGP 61b. The statement was made by Egyptian Petroleum minister, Tarek El Molla, during a luncheon at the American Chamber of Commerce.
Petroleum Products Imports to Increase to $1.3b/Month
Monday, 19th October 2015
Sources at EGPC revealed that the rise in the dollar value will increase the crude oil and petroleum derivatives import bill to reach $ 1.3b a month in comparison to the previous range of $1.1b-1.2b, reported Al-Mal.
Elevated Dollar Value May Impede Egypt’s Ability to Pay IOCs
Tuesday, 13th October 2015
A state official told Egypt Oil & Gas that higher dollar exchange rates in the local market are threatening the ability of the Egyptian government to repay debt installments to international oil companies (IOCs), especially as some IOCs reject payment of dues in Egyptian Pound, and insist on foreign currency.
Ahead of OPEC Meeting, Crude/Dollar Trade Returns to the Market
Tuesday, 26th May 2015
A once-popular pair trade pitting the U.S. dollar against oil prices has re-emerged in recent weeks, injecting a new wildcard into the market just as the Organization of the Petroleum Exporting Countries prepares to meet.
Egyptian Industries Between the Dollar Crisis and the Energy Challenges
Tuesday, 9th February 2016
Going into 2016, most of us are reflecting on the year gone by and looking forward to the year ahead. Many in the Egyptian industry, however, may be less than optimistic about 2016. The past year has been difficult for Egyptian industry, which has been consistently inhibited by dollar and energy shortages. Despite efforts to alleviate these challenges, these problems are not likely to be fully resolved any time soon. Looking to the year ahead, it may be helpful to recap the roots of these problems, how they affected Egyptian industry in 2015 and their possible outlook for 2016.