April 29, 2018
Charles Ellinas
Egypt is determined to drive and manage its rapidly expanding energy sector and ensure that the new liberalised industry and systems are run on international standards, Egypt’s Petroleum Minister Tareq El Molla has said.
Speaking at the International Gas Union (IGU) Workshop in Cairo on April 19, El Molla said his department would put Egypt at the forefront of natural gas developments.
Since the discovery of the first gas-field Abu Madi in 1967, Egypt’s gas reserves have increased dramatically, particularly during the last two to three years, with the development of giant Zohr being the game-changer.
Egypt’s oil and gas sector is being developed on the basis of three key pillars, with corresponding action areas:
- Energy security: boosting and diversifying energy supply
- Financial sustainability: by addressing historic debts and reforming energy subsidies
- Sector governance: improving oil and gas sector governance
February 6, 2017
Giuseppe Acconcia
By March 2017, Cairo will reorganize the oil industry and Egypt's national energy company EGPC, whilst adhering to the demands of the International Monetary Fund, which is preparing to grant the second tranche of the $12 billion loan
The International Monetary Fund (IMF) has ensured that Egypt is complying with its commitments to economic policy made to obtain the second tranche of the $12 billion loan from the international body. The announcement of the delivery of the second instalment will take place at the end of February in Cairo, to coincide with the visit of the IMF board to the Egyptian capital. After six years of political instability that have kept tourists and investors at bay, the IMF has finally decided to grant Cairo the promised loan. The measure was approved in November 2016, with the delivery of the first tranche of $2.75 billion. Chris Jarvis, head of the IMF mission in Cairo, explained that ''although the economic indicators for December have not yet been published, the criteria for obtaining the second part of the loan are expected to have been met''. However, cuts in public spending and increased prices could involve risks to Egypt’s political stability, while reforms required in the oil and energy market are still far from realization.
Wednesday, 21 December 2016
The House of Representatives’ committee on energy is holding sessions to discuss the new Natural Gas Act, Al Shorouk reported. The legislation aims to deregulate Egypt’s natural gas industry and help turn Egypt into a regional energy hub. MPs said that they hope to deregulate the market gradually, in tandem with the gradual subsidy phase-out.
