Egypt

Refined Products

Egypt raises large range of fuel rates, main gazette states

Egypt raised prices on a. large range of fuel products on Friday, the official gazette. stated, pressing ahead with a pledge it made to the International. Monetary Fund (IMF) more than a year ago as part of a $3 billion. financial support agreement. In a letter of intent checked in November 2022, Egypt stated it. would enable most sustain item prices to increase to bring domestic. costs more in line with those in worldwide energy markets. It also assured to make up for a slowdown in such boosts. over the previous year. But it subsequently hiked costs only. once, in...

Natural Gas Utilities

Israel says gas exports to Egypt, Jordan rose 25% in 2023

Israel stated on Monday that gas materials to Egypt and Jordan rose by about 25% in 2023, in spite of brief interruptions at the start of the war in Gaza, including that exports could be expanded even more. Israel is positioning itself as a regional energy center and has dedicated to supply natural gas to Europe, which has been diversifying far from Russia given that its intrusion of Ukraine. The remarkable growth in natural gas exports to Egypt and Jordan shows just how much the gas market is a. strategic possession for Israel and helps local stability,. Israel's Energy Minister...

Oil & Gas Exploration

United States backs Australian, Brazil uncommon earths projects for up to $850 mln

The United States has backed two Australianlisted unusual earths jobs with as much as $ 850 countless funding as Western countries develop a supply chain for the highly magnetic metals utilized in sectors from renewable energy to defence. Australian Strategic Materials said on Thursday it has actually received a letter of interest (LoI) for a financial obligation funding package of approximately $600 million from the U.S. Export-Import Bank ( EXIM) to support building of its Dubbo unusual earths project northwest of Sydney. The bank has actually likewise provided to $250 million in preliminary support for Australian-listed Meteoric Resources, which is...

Oil & Gas

MIDEAST - Factors to watch - May 14

Here are some factors that might affect Middle East stock exchange on Tuesday. has not validated the press reports and does not guarantee their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia shares hit 15-month high as traders wait for CPI * Oil constant as investors eye US inflation, OPEC report * PRECIOUS-Gold rates edge greater as essential United States inflation information looms * MIDEAST STOCKS-Gulf markets end mixed ahead of United States inflation data * Israeli forces press Gaza offensive from north and south * Erdogan defends Hamas, says members are being dealt with in Turkish hospitals * White House sees no...

Fossil Fuels

Egypt's Sisi says flexible currency is possible with brand-new financing

Egyptian President Abdel Fattah alSisi said on Saturday that with tens of billions of dollars in new financing from the United Arab Emirates and the International Monetary Fund, transferring to a versatile exchange rate would be possible. The remarks were Sisi's first public remarks given that Wednesday, when Egypt let the pound drop to simply under 50 pounds to the dollar from 30.85 pounds - the latest in a series of declines because early 2022. The reserve bank said it would let the exchange rate be identified by market forces except in cases of extreme volatility, which it had adequate...

Fossil Fuels

Egypt starts paying back as much as $1.5 bln in oil company financial obligations, sources say

Egypt has begun settling charges owed to foreign oil and gas business running in the nation, the federal government said on Tuesday, with sources stating that approximately $1.5 billion had actually been set aside for the payments. A cabinet declaration said the payment process that had already started represented about 20% of defaults owed to the companies, including that the remainder would be settled through a. set up strategy. Egypt started accumulating financial obligations to companies and. professionals during a long-running foreign currency scarcity. The. lack has actually eased over the previous month after the announcement of. a record financial...

Environment

Asian area LNG costs rise on indications of more powerful demand

Asian spot liquefied natural gas costs rose today on stronger need amidst high temperatures in north and south China, pressing European buyers to bid at fairly narrow discounts to attract sellers. The average LNG cost for June delivery into north-east Asia rose to $10.50 per million British thermal systems ( mmBtu), from $10.40/ mmBtu in the previous week, market sources estimated. We have seen Asian and European rates increase greater, mainly following news of the Hag LNG failure, stated Ryhana Rasidi, LNG expert at data analytics firm Kpler. Nevertheless, we approximate the impact of the failure to be restricted in...