ICIS: Egypt juggles fuel supply loss with currency flotation, subsidy cuts - ENERGY EGYPT

November 20, 2016

Egypt will look for lucrative long-term deals to import refined products or turn to spot tenders with international traders to meet the vacuum left by Saudi Arabian Oil Company (Saudi Aramco)’s reported decision to indefinitely suspend its supply arrangement with the country, according to analysts.

Egyptian General Petroleum Corporation (EGPC) is currently seeking seven cargoes totalling 259,000 tonnes of low-sulphur gasoil for December delivery, a trader said when asked about tender news.

The terms of such spot tenders will be market-driven and less favourable to Egypt, James McCullagh, oil products analyst at Energy Aspects said.

Egypt dreams of new pipelines crossing the Red Sea - ABO (About Oil)

Alessandro Scipione (Agenzia Nova) - June 15, 2016

The latest agreement between the government of Cairo and Aramco is just one of the pieces that make up Egyptian strategy, created to transform the country into a regional energy hub. The aim is ambitious but feasible with the financial help of the Gulf countries

Egypt could become a world class energy hub, not only due to recent gas discoveries in the Eastern Mediterranean, but also due to the black gold arriving from Saudi Arabia. This is the aim of the lucrative agreement signed during Saudi King Salman’s first visit to the Land of the Pyramids. The agreement will ensure large supplies of oil at discounted prices: approximately 700,000 tons of oil products per month - respectively, 400,000 tons of diesel, 200,000 tons of gasoline and 100,000 tons of mazut - amounting to a total of €23 billion, to be paid within 15 years at an interest rate of 2%. The Saudi Fund for Development will directly pay the energy giant Aramco the cost of supplies, enabling the Egyptian General Petroleum Corporation (EGPC) to pay calmly.

Natural Gas Suppliers Consider Suspending Egypt Contracts - THE WALL STREET JOURNAL

The headquarters of state-run Egyptian Natural Gas Holding Company in
Cairo, Egypt, as photographed in 2012. PHOTO: KHALED ELFIQI/
EUROPEAN PRESS PHOTO AGENCY

By MIRIAM MALEK, Updated Jan. 22, 2016
All companies with active Egas supply positions affected by payment delays, two suppliers say

LONDON—Egyptian state-owned natural gas company Egas has missed payment deadlines for liquefied natural gas, as the country struggles to build up foreign reserves after blows to its tourism industry over the past year.

Two suppliers to Egas have confirmed to The Wall Street Journal that all companies with active supply positions in Egypt have been affected by payment delays.