IMF HAS EGYPT
IMF - Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after Executive Board's approval for the First Review of Egypt's Extended Fund Facility which allows the disbursement of about $1.25 billion:
"I would like to congratulate the people of Egypt and the authorities for their success in pursuing their ambitious economic reform program. The approval by the IMF Executive Board of the First Review of the program shows the IMF's strong support for Egypt in these efforts. We believe that these efforts will yield results. The government and the central bank have taken the right measures to rein in inflation, reduce the budget deficit, and set the Egyptian economy on a path to stability and growth. I am very pleased that the government has taken and will continue to take measures to protect the poor and vulnerable groups, including through increasing social spending.
"We look forward to continuing our partnership with Egypt to help unleash its economic potential and achieve higher and more inclusive growth that benefits all the Egyptians."
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.