petrol
Prices became, 95-octane gasoline for 1,503,000 pounds, 98-octane gasoline for 1,538,000 pounds, diesel for 1,448,000 pounds, and gas for 982,000 pounds.
A circulated letter dated to Feb. 8 addressed Egyptian officials stating that several vehicle manufacturers producing vehicles circulating in Egypt are faced with an increasing number of claims from owners and operators which appear related to the poor quality of petrol marketed in Egypt.
This came in a videograph published by the Information Center, which reviews the size of the petroleum sector's achievement during the last seven years.
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.
The new station, which is first of its kind in Egypt, is established with a joint Egyptian-Italian investment, represented in Gastec company of the Petroleum Ministry and Italy's Eni.
Two new discoveries will be announced soon; the first discovery is for Eni in the Gulf of Suez and the second for Petro Gulf in Sinai.
This came during a meeting held between Descalzi and Minister of Petroleum Tarek el-Molla on the sidelines of Molla’s participation in the World Energy Conference in Abu Dhabi.
The MoU included exchanging expertise and technologies in addition to cooperation and investment in manufacturing petroleum and natural gas.
These investments include the implementation of a unit for the production of high-octane gasoline and a complex for the production of gasoline and diesel.
The source pointed out that this will be reflected on the growing oil activity and projects implemented.
In January 2019, Minister of Petroleum and Mineral Resources Tarek al-Molla said that automatic fuel pricing will start in April to be applicable on Octane 95 only.
The source clarified that $3.2 billion was invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.
Procedures of 10 new agreements were completed during July and August 2018.
The company's decision adds to state-owned PDVSA's woes after the United States imposed sanctions on the company on Jan. 28 to undermine the rule of Venezuelan President Nicolas Maduro.
The Cabinet media center has dismissed as groundless reports that Egypt imports oil products from Iran.
Minister of Petroleum and Mineral Resources Tariq Al-Mulla announced Thursday a new oil discovery in Egypt’s Western Desert, an official statement said.
The meeting was attended by Italy's Ambassador in Cairo Giampaolo Cantini.
A wrap-up of the most prominent business news of the day.
International Islamic Trade Finance Corporation this week opened a credit line worth $400 million for Egypt to buy petroleum products.
The total domestic consumption of petroleum and natural gas reached 6.349 million tons in November 2017.
