Wed May 3, 2017 8:12am GMTReporting by Abdel Rahman Adel,; Writing by Lin Noueihed; Editing by Giles Elgood
CAIRO May 3 (Reuters) - Egypt's government spent 78 billion Egyptian pounds ($4.32 billion) on fuel subsidies in the first nine months of the 2016-17 fiscal year, up from 41 billion in the same period of the previous year, Oil Minister Tarek al-Molla told Reuters.
The cost of fuel imports has soared since Egypt floated its pound currency in November, allowing it to halve in value against the dollar within weeks.
Egypt plans to gradually reduce fuel and power subsidies as part of reforms aimed at slashing the budget deficit.
Tue Apr 4, 2017 | 8:39am EDTAri Rabinovitch; Editing: Tova Cohen
Israel's planned sovereign wealth fund, meant to safeguard billions of dollars in natural gas revenue, will begin operating around 2020, Bank of Israel Governor Karnit Flug said on Tuesday.
The central bank is overseeing establishment of the fund, which will be invested abroad to avoid a major influx of foreign currencies that could strengthen the shekel and undermine export industries.
Only income from the fund will be used domestically, for things like national projects and emergencies.
Tuesday, 3 January 2017
Oil and gas companies SDX Energy and Merlon International have reportedly reached agreements with their suppliers and contractors in Egypt to repay them in EGP, sources told Al Mal. The initial agreements allowed companies to pay 40% of their receivables in EGP, but the fall in international oil prices, delays in payments from EGPC, and the EGP devaluation have driven the companies to increase the portion they pay in EGP.
27.12.2016
The Energy Market Regulatory Authority (EPDK) is set to hold its first ever tender in Turkish lira, which will see five companies bid against each other to land natural gas distribution projects in Turkey's Ağrı and Tunceli. According to the EPDK authorities, two more tenders will soon be finalized to expand natural gas distribution coverage in Turkey.
Aksa Natural Gas Distribution Company, Fernas Construction Company, Akmercan Tourism Company, Siirt-Batman Natural Gas Distribution Company and the Alöz Engineering Company will vie today for the two natural gas distribution projects, which will cover Ağrı's city center and the province of Doğubayazıt, as well as two other similar projects in Tunceli on Dec. 28.
