Suez Canal signs $2bn first-phase deal to build petrochemical complex in Ain Sokhna    ICJ holds Israel responsible for worsening humanitarian crisis in Gaza    Omar Hisham announces launch of Egyptian junior and ladies' golf with 100 players from 15 nations    Egypt, Sudan discuss boosting health cooperation, supporting Sudan's medical system    Cairo Metro's Line 4 project with Japan gets cabinet green light    Defying US tariffs, China's industrial heartland shows resilience    Pakistan, Afghanistan ceasefire holds as focus shifts to Istanbul talks    Beit Logistics invests EGP 500m to develop Safaga Integrated Logistics Center    Egypt's Social Housing Fund, United Bank sign deal to expand mortgage finance cooperation    Survivors of Nothingness – Part Three: Politics ... Chaos as a Tool of Governance    EU's Kallas says ready to deepen partnership with Egypt ahead of first summit    Egypt's Sisi hails Japan's first female PM, vows to strengthen Cairo-Tokyo ties    Egypt's exports to EU surge 7.4% to $8.7b in 8 months — CAPMAS    Egypt makes news oil, gas discoveries in Nile Delta    Egypt, France agree to boost humanitarian aid, rebuild Gaza's health sector    Egyptian junior and ladies' golf open to be held in New Giza, offers EGP 1m in prizes    The Survivors of Nothingness — Part Two    Egypt's PM reviews efforts to remove Nile River encroachments    Health Minister reviews readiness of Minya for rollout of universal health insurance    Egypt screens 13.3m under presidential cancer detection initiative since mid-2023    Egypt launches official website for Grand Egyptian Museum ahead of November opening    The Survivors of Nothingness — Episode (I)    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt successfully hosts Egyptian Amateur Open golf championship with 19-nation turnout    Egypt, WHO sign 2024-2028 country cooperation strategy    Egypt: Guardian of Heritage, Waiting for the World's Conscience    Egypt will never relinquish historical Nile water rights, PM says    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.



CBE provides $400m to import fuel in Q1 of 2016
EGPC resorts to petroleum contracts with payment facilities to resolve dollar crisis, says official
Published in Daily News Egypt on 01 - 02 - 2016

The Central Bank of Egypt (CBE) opened a commercial letter of credit of $400m for the Egyptian General Petroleum Corporation (EGPC), to be paid within three months starting from January.
The sum will cover the cost of Egypt's requirements of petroleum products and liquefied gas shipments required during that period.
A governmental official told Daily News Egypt that the CBE cannot afford more than $400m during that period, so as to avoid affecting the foreign currency reserves negatively. He added that EGPC collects its dollar requirements through its own resources.
The CBE announced that the volume of foreign currency reserves increased to $16.445bn by the end of 2015, compared to $16.422bn in November last year, marking an increase of about $23m.
The official added that EGPC agreed with the Saudi Arabian Oil Company, known as Saudi Aramco, to supply Egypt with products for three months starting from February with payment facilities and an interest rate of 1% to ease Egypt's current dollar deficiency.
The CBE has allocated $400m for EGPC to purchase shipments of petroleum products, including gasoline, fuel oil, diesel, butane and liquefied gas; the sum will not be used to repay part of the benefits of foreign partners.
The official said that EGPC needs about $700m a month to provide the market with its requirements for petroleum products and natural gas.
The monthly requirements for the local market are estimated at 500,000 tonnes of diesel, 300,000 tonnes of butane, 150,000 tons of gasoline, as well as 500,000 tonnes of fuel oil and other shipments of liquefied natural gas, according to EGPC.
CBE Governor Tarek Amer said in a press conference last week that there is an obligation to provide foreign currency for the oil sector.
President Abdel Fattah Al-Sisi will hold a meeting with King Salman of Saudi Arabia this month to agree on the details of supplying Egypt with petroleum products for the next five years.
The official added that this agreement will be in the form of a commercial contract, to be renewed every three months between the two countries, with payment facilities and a low interest rate, which will be set at the time.


Clic here to read the story from its source.