Oil Expert: IMF Loan is a Trap
Monday, 8th August 2016
'The International Monetary Fund (IMF) is a trap meant to drown Egypt in foreign loans and if Egypt accepts it, the country may soon declare bankruptcy,' said Ibrahim Zahran, a petroleum expert, in an exclusive interview with Egypt Oil&Gas.
EGAS, MEDREG Discuss Gas Sector Reform
Sunday, 10th April 2016
The association of Mediterranean Energy Regulators (MEDREG) stated it was committed to supporting the development of competitive and transparent gas market in Egypt as the country has been facing major challenges, and long term solutions for the gas sector reform are to be implemented.
Sherif Ismail Meets with Industry Heads, Outlines Reformist Agenda
Monday, 24th August 2015
Sherif Ismail, Minister of Petroleum and Mineral Resources, met yesterday with the First Undersecretary of the Ministry as well as other oil sector heads to determine the course they would take in this current stage.
Oil Subsidies Fall to EGP 44.7 Bn in First Half of Fiscal Year
Tuesday, 31st March 2015
According to a statement by the Ministry of Finance Egypt’s fuel subsidy bill for the first half of the 2014/2015 fiscal year fell to 44.7 billion EGP ($5.85 billion) in comparison to 64.5 bn from the previous year, reported Reuters.
Saudi Calls for Energy Subsidies Reform
Monday, 9th February 2015
Saudi Arabia's central bank governor called for reforms to the country's lavish system of energy and water subsidies, which drain billions of dollars from the state budget and encourage waste by keeping down prices for consumers.
Egypt Considers Cutting Fuel Subsidies by a Further EGP 20 Billion
Monday, 2nd February 2015
Egypt is considering whether to reduce fuel subsidies by EGP 20 billion ($2.64 billion) next fiscal year, but it needs to study the social implications before reaching a decision, the investment minister said on Thursday.
Monday, 6th April 2015
Egypt and the Energy Sector, Moving Towards Sustainability
After years of doing little to rectify Egypt’s energy and electricity troubles, the government has finally moved to pursue sustainability. Energy demand, fueled by government subsidies, had for years outpaced domestic production. This has led to a large subsidy bill, electricity production that falls far short of demand, strained relationships with foreign energy companies, and a growing dependence on more expensive foreign sources of oil and gas. But the Egyptian government, under President Abdel Fattah El-Sisi, has begun to take substantive measures to address these issues. This includes subsidy reform and a renewed focus on alternative sources of energy, such as renewables like solar and wind.