Egyptian Minister of Petroleum explains measures to counter the repercussions of the global crisis

Source: www.gulfoilandgas.com 5/30/2022, Location: Africa

Engineer Tarek Al Mulla, Minister of Petroleum and Mineral Resources, stressed the importance of the reform measures taken by the Egyptian state and that its results were evident in dealing with the current global crisis resulting from the Russian-Ukrainian crisis, pointing out that the Ministry of Petroleum and Mineral Resources began since October 2021 to prepare a scenario to deal with the crisis after studying the various elements, on four axes, namely the use of part of the strategic stock of crude oil to reduce the import bill and adjust fuel prices through the committee Automatic pricing and maneuvering in providing spent fuel in electricity and industry and maximizing the operation of refineries.

During the review of the actions of the oil sector in the face of the crisis before the Energy and Environment Committee of the Parliament headed by Engineer Hossam Awadallah and the presence of the committee agents Rasha Ramadan and Mohammed Al Jabalawi, al-Mulla added that the uncertainty about the future of the war reflected on the markets, where the prices of futures contracts rose higher than the price of Brent crude spot and the percentage of price fluctuations in futures contracts decreased with the start of the announcement of the launch of strategic stocks, and that the continuation of monitoring the world markets Closely to take advantage of the opportunities available and that work is done to secure part of the oil needs "Solar, Gasoline, Diesel and Bitumen" through long-term contracts, and tenders were submitted on a monthly basis in order to reduce the risk, and priority was given in the investment plan for the next fiscal year 2023 for refining projects under way with the inclusion of the amounts required for these investments during the year to ensure the completion of the implementation of projects in accordance with the planned timetables, in addition to taking precautionary measures including follow-up of markets to ensure that there are no illegal practices and reliance on modern technologies in reviewing corporate balances and warehouses and holding regular meetings with refineries and marketing companies.

The minister also reviewed green energy projects, emission reduction efforts implemented by the oil sector and the ministry's vision and preparations for the COP27 summit to be hosted by Egypt in November.

Al Mulla reviewed the most important achievements achieved during the period from June 2014 to May 31, 2022, where he explained that 108 oil agreements were concluded with international and local oil companies and was able to attract the investment of major international oil companies, and succeeded in implementing 32 projects in the development of oil fields with investments Estimated at EGP 561 billion, it managed to achieve a growth rate of 25% in 2018/19 compared to negative 11% in 2015/16, and succeeded in 2018 in achieving self-sufficiency Of natural gas and re-export again. He also pointed out that 8 projects in the field of refining and oil manufacturing were carried out with investments of about 87 billion pounds and a production capacity of 6.6 million tons per year, which led to a reduction in import quantities by 30%, as he explained that natural gas was delivered to 13.5 million housing units as of June 2022, which contributed to the provision of botagas support by 20 billion pounds annually, pointing out that the gas was delivered To more than 50% of these units, where gas has been connected to 7.3 million housing units in the past 8 years. He explained that the construction of car supply stations with natural gas has been expanded to reach 1000 stations, where the number of stations currently 850 stations scattered in the provinces of Egypt and on the main roads and axes, and 437 thousand cars have been converted to work with natural gas.




Argentina >>  8/15/2022 - Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the results of the Placing, further to the Company's ...
Bermuda >>  8/15/2022 - Valaris Limited has commenced a consent solicitation (“Consent Solicitation”) with respect to proposed amendments to the indenture (the “Indenture”) g...

Canada >>  8/15/2022 - Civeo Corporation, a leading provider of hospitality services to the natural resources sector, announced that it has agreed to repurchase approximatel...
United Kingdom >>  8/15/2022 - - Restructuring will be implemented through a pre-arranged Chapter 11 process in U.S. Bankruptcy Court
- Restructuring will significantly deleve...


United States >>  8/15/2022 - Murphy Oil Corporation announced the early tender results of its previously announced series of tender offers (the “Tender Offers”) to purchase for ca...
Argentina >>  8/12/2022 - Echo Energy plc, the Latin American focused Energy company, is pleased to announce a proposed comprehensive debt restructuring together with a placing...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.