Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Egypt launches first national workshop on food systems, climate action with UN, global partners    Al-Sisi reviews Egypt's food security, strategic commodity reserves    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's gold prices grow on July 13th    CBE's Abdalla attends Arab central bank governors' meeting ahead of Sept summit    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



$650m value of partner's share of gas, oil monthly with Brent decline: Petroleum Minister
Value of crude obtained daily from foreign companies declines to $380m
Published in Daily News Egypt on 19 - 09 - 2015

New Minister of Petroleum and Mineral Resources Tarek El Molla said, in his first statement to Daily News Egypt following his appointment, that the value of foreign partners' share of oil and gas declined to $650m per month during FY 2015/2016, compared to $880m in FY 2014/2015.
The foreign partners' monthly share of gas and oil declined by nearly $230m in fiscal year (FY) 2015/2016, due to the continued decline of global Brent prices. The price per barrel of Brent oil amounted to $48 on Friday.
He estimated the value of foreign companies' monthly share of crude oil at $380m, compared to $600m in FY 2014/2015. This came as the result of the continuous decline in Brent price in global markets.
El Molla added that the partners' share will not be strongly affected by the declining Brent prices, where the share reached $270m per month, compared to $280m during FY 2014/2015.
He emphasised that the value of the partners' share of gas and oil is regularly repaid on a monthly basis, to avoid the increase in their financial dues to the Petroleum Ministry.
El Molla said the monthly fuel import bill has declined to $550m, compared to $880m last year. This was due to the decline in crude prices, which lead to a decline in the value of petroleum derivatives, namely gasoline, diesel, fuel oil and butane, which are imported.
Egypt used to import petroleum products worth $1.3bn on a monthly basis, before the drop in Brent prices in global markets.
El Molla noted that calculations of savings made due to the drop in petroleum prices during the first half of FY 2015/2016 are underway. Approximately EGP 62bn of the state budget is allocated to fuel subsidies, based on a price per barrel of $70.
He added that the decline will be affected by the devaluation of the Egyptian pound against the US dollar, noting that there will definitely be many subsidies allocations.
The petroleum subsidies bill in FY 2014/2015 declined to approximately EGP 70bn, compared to the allocated EGP 100bn from the state budget. This came about due to a decline in global oil prices, and the increase of petroleum products prices at the beginning of FY 2014-2015.
El Molla added that further dues to foreign partners are expected to be paid by the end of this year, as they decreased by the end of last August to nearly $2.9bn, compared to $3.5bn previously.


Clic here to read the story from its source.