oil

Oil Ministry: $2.8B value of investment costs of three refining projects

Wed, 24 Jun 2020 - 12:30 GMT

Molla said in a statement that they discussed three major oil refining projects in Alexandria, Assiut and Suez at an investment cost of about $2.8 billion.

Petroleum minister: 12 new investment agreements worth $1B

Sun, 21 Jun 2020 - 12:20 GMT

The agreements are to be referred to the parliament for further discussions on required legal measures pertaining to bringing them into action.

Egypt announces new oil discovery in south of Suez Gulf producing 2K b/d

Thu, 18 Jun 2020 - 11:46 GMT

The new discovery comes with an initial production rate of 2,000 barrels per day of crude oil, and it is estimated that there are about 70 million barrels of recoverable crude oil.

Egypt's Parliament may summon FM over kidnap, torture of expats in Libya

Wed, 17 Jun 2020 - 02:03 GMT

A parliamentarian questions the reasons behind not kicking out the ambassador of the Tripoli-based interim government in Cairo.

Ministry reveals projects accomplished in Egypt's natural gas sector over 10 months

Sat, 23 May 2020 - 12:40 GMT

The Ministry of Petroleum released a report indicating the projects accomplished in the natural gas sector from July 2019 until April 2020.

Egypt multiplies crude oil imports in January, February

Tue, 19 May 2020 - 01:18 GMT

In light of the decline of oil prices, Egypt increased its crude oil imports in the first two months of 2020.

Oil prices slide on demand concerns, US-China trade tension

Mon, 04 May 2020 - 12:43 GMT

US West Texas Intermediate (WTI) crude futures fell as low as $18.10 a barrel earlier in the session and were down $1.14, or 5.8 percent, at $18.64 at 0506 GMT.

Oil, environment Mins discuss environmental coordination efforts with oil companies in Suez, Red Sea

Tue, 28 Apr 2020 - 11:29 GMT

They both agreed on continuous coordination between the officials of both ministries on reform plans for the public interest.

Oil ministry: Gas supplied to 110 tourist facilities in Sharm

Sat, 25 Apr 2020 - 11:19 GMT

The Ministry of Petroleum announced on Saturday that natural gas is being supplied to 110 tourist facilities in Sharm El Sheikh at investments worth EGP 250 million.

U.S. oil benchmark below zero for first time in history

Mon, 20 Apr 2020 - 07:39 GMT

Upon this data, the US crude oil has recorded its deepest decline since 1983.

U.S. crude futures plunge to lowest on record on scant storage, weak demand

Mon, 20 Apr 2020 - 06:40 GMT

The May U.S. WTI contract fell $15.91, or 87.1%, to $2.36 a barrel at 1:25 p.m (1725 GMT) after touching an all-time low of $2.26. Brent LCOc1 was down $1.76, or 6.3%, to $26.32 a barrel.

Egypt participates in G-20 ministerial meeting

Fri, 10 Apr 2020 - 09:18 GMT

The participants discussed cutting down oil output at the world level to restore stability of the international oil market.

Brent crude could plunge to ‘single-digit lows’: Fitch warns

Mon, 06 Apr 2020 - 12:45 GMT

The Organization of the Petroleum Exporting Countries and its allies are expected to meet on Thursday — a delay from Monday — in an attempt to agree on production cuts.

Oil pares losses as investors weigh chance of price-war truce

Mon, 06 Apr 2020 - 12:39 GMT

Oil pared earlier losses amid signs Saudi Arabia and Russia are making progress on an agreement to curb crude output as the coronavirus wreaks havoc on the global economy.

Petroleum derivatives' prices to decline in April: Egypt’s Central Bank governor

Mon, 30 Mar 2020 - 01:31 GMT

Amer indicated during a phone interview with a TV program that oil prices and the exchange of the dollar have recently fallen significantly at the global level.

Oil drops toward 17-year low as hopes for OPEC-Texas production truce fade

Mon, 23 Mar 2020 - 12:41 GMT

Futures in London fell around 4 percent to near $26 a barrel, while West Texas Intermediate rose after the April contract expired Friday.

Egypt-U.S. talks over cooperation in oil sector held

Sat, 07 Mar 2020 - 03:17 GMT

The talks also covered the updates of the East Mediterranean Gas Forum.

Oil minister posts int'l firms on mining opportunities in Egypt

Wed, 04 Mar 2020 - 03:22 GMT

He touched upon promising opportunities in the mining field in Egypt, especially in light of amendments to the mineral resources law.

Min. asserts importance of intensifying digging for oil to increase Egyptian oil production

Sun, 23 Feb 2020 - 01:49 GMT

This came during a meeting of the general assembly of Belayim Petroleum Company (Petrobel) to approve the draft budget of 2020-2021 and the amended budget of 2019-2020.

Oil minister: program to improve crude oil production, make more explorations

Thu, 20 Feb 2020 - 03:54 GMT

The minister said increasing Egypt's oil output tops the ministry's priorities to bridge the gap between production and consumption.

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