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2014-04-23 18:49:00

EGYPT PAYS $1B

EGYPT PAYS  $1B

Egypt will pay about $1 billion of the money it owes to foreign oil companies within the next two months, the state's MENA news agency said, quoting Oil Minister Sherif Ismail.

Egypt says it owes some $6.3 billion to those companies.

It last year said it paid $1 billion of the money it owes the international firms as part of a repayment scheme seeking to revive confidence in the economy after years of turmoil.

"A new chunk of around $1 billion will be paid to foreign firms within two months," Ismail said on Tuesday.

The country has previously said it would repay a further $3 billion in monthly installments until 2017 as an incentive to encourage foreign oil companies to increase exploration and production.

Egypt has been struggling to meet soaring energy bills caused by high subsidies on fuel products for its 85 million people, most of whom are poor and uneducated.

The government's ability to pay oil companies and contractors was hit after the popular uprising that ousted president Hosni Mubarak in Feb. 2011 which roiled investment and tourism and cut tax revenues.

Financial disclosures by firms including BP, BG Group , Edison SpA and TransGlobe Energy show Egypt owed them more than $5.2 billion at the end of 2012.

Political turmoil has intensified after the army overthrew elected Islamist president Mohamed Mursi last year following widespread protests against him.

Since Mursi's ouster, Saudi Arabia, Kuwait and the United Arab Emirates have poured in billions of dollars in grants, interest-free loans and oil products.

Ismail said Egypt receives around $700 million in petroleum aid every month from Arab states.

reuters.com

Tags: EGYPT, OIL

Chronicle:

EGYPT PAYS  $1B
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

EGYPT PAYS  $1B
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

EGYPT PAYS  $1B
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

EGYPT PAYS  $1B
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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