Egypt aims to increase oil exports revenues to $8.5bn in FY 2019/20 - MENAFN / DAILY NEWS EGYPT

NOV/17/2019 3:22:31 AM

(MENAFN - Daily News Egypt) The Ministry of Petroleum aims to increase the revenues of Egypt's oil exports by the end of the current fiscal year (FY) to $8.5bn compared to $7.7bn FY 2018/19.

Senior government sources told Daily News Egypt that the total quantities targeted for exports of crude oil, gas, petroleum products, and petrochemicals amount to 17.7m tonnes.

They added that the value of exports includes the foreign partner's share of crude oil by calculating the average price of the Gulf of Suez crude oil at $55 per barrel due to the lower prices of crude oil and petroleum products.

The Egyptian Natural Gas Holding Company (EGAS) has started to increase the amount of natural gas exported through the Idku liquefaction plant to about 1bn cubic feet per day (scf/day) compared to 300m scf/day last month.

RPT-BUZZ-Rosneft buys Egyptian crude for first time in tender - REUTERS

Wed Mar 8, 2017 6:08pm GMTReporting By Julia Payne; Editing by Susan Fenton

The trading arm of Russia's state oil firm Rosneft bought three cargoes of Egypt's heavy sour Ras Gharib grade, the first time the company has bought Egyptian crude, trading sources familiar with the matter said.

Geneva-based Rosneft Trading won the cargoes loading in April, May and June via a sell tender by Egypt's state owned EGPC that closed on Feb. 24.

EGPC sold a total of seven cargoes, Swiss trader Petraco won the remaining four.

Rosneft is now sourcing light crude grades for its German refinery after a deal with partner BP expired last year.