Book review: Randa Shaath's autobiography explores the link between soul and place    Laporte out for up to a month with hamstring injury, says Guardiola    Turmoil reshapes Malaysian politics with Mahathir role in doubt    Prayers at fire-bombed mosques as India's riot toll grows    Promising political stability, new Tunisian government takes office    Egyptian jewellery manufacturers need to more focus on product innovation to compete globally: designer Omama Atef    New virus has infected 83,000 globally, caused 2,800 deaths    Japan's Hokkaido declares state of emergency over virus    Coronavirus spreads in three continents; markets brace for global recession    Live score: Egypt's Zamalek v Tunisia's Esperance (African Champions League, quarterfinals)    Ighalo dedicates first Man Utd goal to late sister    Egypt becomes Africa's third fastest internet speed – minister    Egypt reaches agreement with Eni, Naturgy over Damietta LNG plant    Sudan celebrates Nile Day under theme of ‘joint investments on the river'    Mamluks' war with Ottomans: Rise of a civilisation, fall of another    Iran reports 22 deaths from coronavirus; 141 infected    Parliament has worked on files for all former officials deferred for years: MP Salah Hassaballah    Mo Salah joins UNHCR in combating refugee illiteracy through Instant Network Schools    10th Hakawy International Arts Festival for Children to showcase diverse theatre programme    FRA approves capital hike of EGP 200m for CI Capital    Egypt's Sisi approves loan worth $14 mln to establish grain storage in Port Said    Saudi Arabia stops pilgrimages over coronavirus spread    Egypt's Suez Canal post revenues to $5.8 billion in 2018/19    Turkey cuts off water supply to Syria's Hasakah city: report    Finance Ministry rejects SMEs law article amendments    GB Auto to discontinue Hyundai representation in Iraq    447% increase in mobile Malware attacks in Egypt: Kaspersky    NBE provides EGP 1bn credit facilities to Fiber Misr    Egypt's cabinet approves purchasing preventive equipment for Covid19    Military funeral for Mubarak amid regional, international absence    Tennis legend Maria Sharapova is retiring at 32    Egypt holds military funeral for former president Mubarak – Photos    The Mubarak legacy    Hosni Mubarak (1928-2020)    Is it time for Egypt to develop local English-language media outlets?    Controlling public assembly    The sound of a glitch    Don't miss Tchaikovsky's Swan Lake ballet concerts at the opera house    Mahathir strengthens power amid Malaysian political turmoil    First art exhibition taking place in Saudi Arabia features connection between Fellini and Picasso    Al Ahly, Zamalek play 2nd Cairo Derby in less than 96 hours    Amr Fahmy former CAF general-secretary, dies battling cancer    Cairo court acquits Mubarak's sons of stock market manipulation    Al Ahly play Zamalek for Egypt Super Cup in Abu Dhabi    Little Women on its way to become a classic    UEFA Champions League: defending champions Liverpool clash with Atletico Madrid    Egypt's Golden Age actress, Nadia Lutfi, dies at 83    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    







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



Related stories
Dollar loan partly allocated to repay foreign petroleum partners
We regularly repay the monthly bill of the partners' share of oil and gas, says petroleum minister
$500 M Of Foreign Partners' Dues To Be Paid By End Of 2015
$500m of foreign partners' dues to be paid by the end of 2015: Official source
Ministry of International cooperation to assist Ministry of Petroleum with a share of the African Development Fund loan
How the Ministry of Petroleum overcame Egypt's energy crisis
$3.6bn of companies' dues paid to encourage them to produce
Egypt reduces petroleum products subsidies to EGP 61bn during FY 2015/16: El Molla
Expected decline in fuel consumption is 5% during new fiscal year, says EGPC executive chairman


$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
Mohamed Adel 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.