Exclusive: Saudi Aramco has supplied 1 million barrels of crude to Egyptian refineries in November, December - minister - REUTERS

DECEMBER 17, 2017 / 8:39 AM

Reporting by Abdelrahman Adel; Writing by Nadine Awadalla; Editing by Stephen Coates

CAIRO (Reuters) - Saudi Aramco, the world’s largest oil producer, has supplied 1 million barrels of crude oil to Egyptian refineries, Egypt’s Petroleum Minister Tarek El Molla told Reuters on Sunday.

Egypt and Saudi Arabia will be studying the economic feasibility of continuing to refine Saudi crude in Egyptian refineries by the start of 2018, El Molla said.

Saudi Arabia agreed in April last year to provide Egypt with 700,000 tonnes of refined oil products a month for five years.

Egypt has so far received half of contracted Iraqi crude shipments –source - ENTERPRISE / AL MAL

Sunday, 30 July 2017

Egypt has so far received half of its contracted 12 mn bbl of Iraqi crude oil scheduled for delivery in 2017, a source tells Al Mal. 

The latest shipment is the third since May. 

Refiner MIDOR received 50% of the total oil delivered, while AMOC got 14%. 

A portion of the refined product is re-exported back to Iraq.

Egypt aims to cut fuel imports to 10 pct of consumption by 2019 - REUTERS AFRICA

Sun Jun 4, 2017 9:39am GMT
Reporting by Ehab Farouk; Writing Nadine Awadalla; Editing by Susan Fenton

CAIRO (Reuters) - Egypt is looking to ramp up petroleum production over the next two years, aiming to reduce fuel imports to about 10 percent of total consumption from 30 percent currently, media quoted Oil Minister Tarek El Molla as saying.

Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.

Egypt has been trying to reverse that trend, speeding up production of oil and gas at recent discoveries. Large natural gas finds are expected to make Cairo self-sufficient in gas by the end of 2018, and it is now looking to make similar progress in petroleum.

Egypt to receive first shipment of Iraqi crude oil on Tuesday under new deal - AHRAM ONLINE

Egypt's Petroleum Minister Tarek El Molla

Monday 15 May 2017

Egypt will receive two million barrels of crude oil on Tuesday from Iraq, the first shipment to arrive as part of a deal with the Iraq's state oil marketing company SOMO, Al-Ahram’s Arabic website quoted Egypt’s Oil Minister Tarek El-Molla as saying.

Under the terms of the year-long agreement, which was reached last month by Baghdad and Cairo, Iraq will sell 12 million barrels of oil to Egypt.

Cairo has been struggling to procure oil and natural gas for domestic market needs from several sources in the past few years.

However, recent surges in natural gas discoveries and projected finds in the country promise to help Egypt cut down on its liquefied natural gas (LNG) imports in the coming year.

Iraqi crude oil to arrive in Egypt within 2 weeks - EGYPT INDEPENDENT / AL MASRY - AL YOUM

Sat, 06/05/2017 - 12:08

An official source with the Ministry of Petroleum said that the Iraqi shipment of Basra crude oil, which began shipping operations in Iraqi ports on Thursday, will arrive in Egypt within two weeks.

The source added, in statements to Al-Masry Al-Youm, that the Iraqi side stressed that the shipments which will arrive at the port of Ain Sukhna amount to about 2 million barrels during this period.

The high-level source added that the agreement with Iraq was not a substitute for the agreement with Saudi Aramco, which resumed shipments of petroleum products to Egypt last month, after it had been suspended during the last period.

On the horizon - ENTERPRISE

Tuesday, 2 May 2017

Egypt expects to receive its first 2 mn bbl shipment of crude oil from Iraq on 12 May, Oil Minister Tarek El Molla tells Youm7. 

According to the minister, the one-year agreement will see Iraq sending 2 mn bbl every second month for a total of 12 mn bbl.

ENERGY BRIEF EGYPT - Issue 22 - 2017 April 9-13 - EGYPT OIL & GAS

ENERGY BRIEF EGYPT - EOG Weekly Publication Issue 22 9 April to 13 April

Agreement to import Iraqi crude to be finalized soon, Iraqi ambassador says - ENTERPRISE / REUTERS

Sunday, 9 April 2017

Egypt will finalize an agreement to import crude from Iraq soon. An Egyptian delegation will visit Iraq soon to close the agreement, which will include a 90-day grace period for payment, the Iraqi ambassador to Egypt Habib El Sadr told Reuters. 

Egypt has been in talks with Iraq to import 1 mn bbl of crude, with Oil Minister Tarek El Molla expecting the agreement to finalize this month. 

“The Iraqi government last week approved plans to extend two oil and gas pipelines from Iraq, via Jordan to Egypt at a cost of [USD 6 bn], the ambassador said, adding that the work will take three years to complete.”

Egyptian oil and energy sector to reestablish work in Libya - LIBYAN EXPRESS

Thursday 6 April 2017

The Egyptian General Petroleum Corporation (EGPC) and energy sector construction company Petrojet plan to reestablish their presence in Libya, a Libyan official said yesterday, after a meeting with company representatives that also included the chair of Libya’s National Oil Corporation, Mustafa Sanallah.

NOC and EGPC also agreed to form a partnership to study possible oil and gas projects, although no further details were provided, OilPRice reported.

A meeting took place between the Egyptian officials and the Libyan ones headed by the Deputy Head of the Presidential Council, Ahmed Mitig.

EGPC in the market for an EGP 10 bn loan - ENTERPRISE / AL MAL

Monday, 27 March 2017

The Egyptian General Petroleum Company (EGPC) is negotiating for a EGP 10 bn loan with a banking consortium led by CIB to finance oil imports, Al Mal reports. Four-to-five private banks are funding the facility that is expected to carry a tenor of five-to-eight years, unnamed sources said.

The sources add that the Egyptian Electricity Holding Company will pay back part of the loan to the banks, as part of the EGP 40 bn it owes EGPC.

How is the Egyptian General Petroleum Authority coping with fuel shortages after Saudi Arabia rescinded on a deal to provide Egypt with petrol and diesel shipments - ZAWYA / AL AHRAM WEEKLY

18 March 2017

Ahmed Ismail

Egypt’s Ministry of Petroleum and Mineral Resources is seeking a deal with the Iraqi government to import around one million barrels of crude oil to meet some of the Egyptian market’s petroleum needs after the Saudi company Aramco stopped deliveries of petrol and diesel fuel to Egypt in October.

According to Tarek Al-Hadidi, CEO of the Egyptian General Petroleum Authority (EGPA), the first shipment of Iraqi crude oil is scheduled in March “to be processed at Egyptian refineries and produce petroleum outputs for the domestic market.”

Egypt turning the corner - IN CYPRUS / CYPRUS WEEKLY

February 26, 2017
Charles Ellinas

Tarek El Molla took over his role as Egypt’s Minister of Petroleum in September 2015, just after the discovery of the giant Zohr gas field. Since then, Egypt’s natural gas fortunes have been undergoing a massive transformation.

Firstly, gas from Zohr is expected to be achieved end of this year, and Egypt is now boldly predicting that it will achieve self-sufficiency by end of 2018, and re-start exports by 2020.

Egypt is in the process of implementing a modernisation programme with six major objectives to reform and transform all aspects of its oil and gas industry over the next four years:

Iraq to supply Egypt with 1 million barrels monthly: ambassador - EGYPT INDEPENDENT / REUTERS

Thu, 23/02/2017 - 05:00

The Iraqi Oil Marketing Company SOMO has signed a contract for oil exports with the Egyptian government, al-Ahram quoted Iraqi ambassador to Cairo Habib Mohamed Hady al-Sadr as saying on Thursday.

The company forwarded the contract to the Petroleum Ministry for final approval, he added.

Sadr told al-Ahram newspaper that the first batch of oil, estimated at 1 million barrels, will be handed over to Egypt in the last 10 days of March 2018.

Egypt, Iraq and Jordan are preparing for a major strategic joint energy project, he added. The three countries will extend oil and natural gas pipelines from Basra oil fields through Aqaba port in Jordan to Egypt.

Egypt nearing deal with Iraq in search for crude oil imports - REUTERS

Tue Feb 14, 2017 | 12:02pm EST
Lin Noueihed, Eric Knecht, Asma Alsharif; Editing by Jason Neely and Alexander Smith

Egypt is nearing a deal to import crude oil from Iraq and is looking to other countries to help secure supply, Egyptian General Petroleum Corporation's chief Tarek al-Hadidi said.

Cairo's search for additional crude comes after Saudi Arabia's state oil firm Saudi Aramco halted shipments of oil products to Egypt last year.

The $23 billion Saudi aid deal had included 700,000 tonnes of refined oil products per month for five years. Aramco has never provided a reason for why the deal was halted.

IOC receivables down to EGP 3.5 bn by 2016’s end -El Molla - ENTERPRISE / AL SHOROUK

Wednesday, 4 January 2017

Receivables due from EGPC to IOCs have dropped to USD 3.5 bn in 2016’s end, down from USD 3.6 bn at the end of September, Oil Minister Tarek El Molla said. The government bought USD 5.4 bn worth of crude and natural gas from IOCs last year and paid USD 5.5 bn, El Molla clarified, according to Al Shorouk. He said the Ministry is gearing up to make another round of payments to IOCs in order to encourage them to increase investments in Egypt.

Egypt signs $220 mln of oil and gas deals - REUTERS

Wed Dec 28, 2016 | 11:00am GMT

Reporting by Ahmed Aboulenein; Editing by Giles Elgood and Mark Potter

Egyptian Oil Minister Tarek El Molla has signed three offshore oil and gas exploration and production deals worth a total of at least $220 million with France's Total, Britain's BP, and Italian oil major ENI's Egyptian subsidiary IEOC, the ministry said on Wednesday.

The deals include drilling for six wells and a signing bonus of $9 million, the ministry said in a statement, and are the result of a tender called by Egyptian state gas board EGAS. They are all in exploration blocks in the Egyptian Mediterranean Sea.

The first deal, with a consortium of BP and IEOC, is worth $75 million for an exploration block in the North Ras El Esh block; the second, with a consortium of all three companies, is in the North El Hammad block and is worth $80 million, and the third, with BP alone, is in the [North El Tabya] block and worth $65 million.

Egypt seeks to import crude directly from Iraq - HYDROCARBON PROCESSING

12/23/2016Reporting by Amina Ismail; writing by Ahmed Aboulenein; editing by David Clarke and David Evans

CAIRO (Reuters) -- Egypt's Petroleum Minister Tarek El Molla said his country was seeking to reach an agreement with Iraq over importing crude oil directly and that he hoped to finalize the deal by the first quarter of 2017.

El Molla told reporters on the sidelines of a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) that Egypt aims to import between 1 million and 2 million barrels per month from Iraq.

The move follows Saudi Arabia informing Egypt in last month that shipments of oil products expected under a $23 billion aid deal had been halted indefinitely.

Kuwait to supply Egypt with 2 million barrels of oil a month - FOX NEWS / ASSOCIATED PRESS

November 15, 2016

CAIRO – Egypt's state news agency says Kuwait has agreed to supply Egypt with 2 million barrels of crude per month, starting in January.

Tuesday's announcement comes more than a month after Saudi Arabia halted previously agreed fuel shipments to Egypt as differences over the conflicts in Syria and Yemen strained ties between the two nations.

The Saudi move has ratcheted up pressure on Egypt as it tries to revive a battered economy and overcome a shortage of dollars.

Cairo floated its currency this month and significantly hiked fuel prices.

The MENA news agency says that under the deal with Kuwait, Egypt will get the crude at international prices with no discounts, but with a nine-month grace period.

After Saudi Halts Oil Shipments, Egypt Turns to Iraq Deal - NEW YORK TIMES / ASSOCIATED PRESS

THE ASSOCIATED PRESS
OCT. 31, 2016, 12:40 P.M. E.D.T.

CAIRO — Egypt's state news agency says the country's oil ministry has signed a memorandum of understanding with its Iraqi counterpart to pave the way for Egypt to import oil from Iraq.

Oil Minister Tarek el-Mulla was quoted by MENA on Monday as saying that the agreement will "open the doors" for developing oil cooperation with Iraq.

His Iraqi counterpart, Jabar al-Luaibi, says that the agreement prepares the way for wide cooperation, including on Iraqi oil exports to Egypt. He says Iraq offered Egypt the opportunity to invest in 12 Iraqi oil fields.

The deal comes nearly three weeks after Saudi Arabia's abrupt decision to halt previously agreed oil shipments to Egypt, putting heavy pressure on the government. Egypt angered the Saudis by voting in favor of Russia's draft resolution on Syria.