company:egyptian general petroleum corp

Media round up on Egyptian economy - March/April 2016 - CEDEJ - Égypte
▻http://www.cedej-eg.org/spip.php?article898&var_mode=calcul

Saudi-Egyptian business relations

On the 7th April, Saudi Arabia’s King Salman arrived in Cairo for an exceptional five-day visit in Egypt. According to a press release of the International Cooperation Minister Sahar Nasr, both countries signed agreements accounting to US$25 billion during Salman’s stay in Egypt. Furthermore, they agreed on the creation of a 60 billion riyals (approx. US$16 billion) investment fund, infrastructure investments and the creation of an economic free zone in Sinai.
The highlight of the visit was the announcement of the construction of a bridge across the Red Sea, connecting Egypt and Saudi Arabia with a motorway. The bridge, which will be named after the Saudi King Salman, is intended to foster trade relations between the two countries.
The Egyptian presidency further announced that Egypt would return the islands of Sanafir and Teeran in the Red Sea to Saudi Arabia.

Ahead of the visit, the Saudi company Saudi Aramco concluded a US$23 billion deal with the Egyptian General Petroleum Corp over the provision of petroleum products to Egypt within the coming five years.

Together with the investments announced during King Salman’s visit, business relations between Saudi Arabia and Egypt brought up projects worth approximately US$45.65 billion in April alone. According to experts, the agreements are believed to be part of a new policy regarding Saudi financial aid to Egypt, focusing on loans instead of interest-free financial support.

#Saudi_Arabia to gift $3 billion worth of #fuel to #Egypt government
▻http://english.al-akhbar.com/content/saudi-arabia-gift-3-billion-worth-fuel-egypt-government

Saudi fuel donations to Egypt from last month through August will be worth more than $3 billion, a top Egyptian energy official said, as part of a financial lifeline from the Gulf helping to ease the country’s energy crisis. Tarek el-Molla, head of state-run Egyptian General Petroleum Corp (EGPC), said Egypt had received an oil shipment from Saudi Arabia “at a value of between $650 and $700 million” in April and would keep getting the same amount monthly through August. read more

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Egypt signs nine petroleum deals; first since 2010 - minister
Text of report by Egyptian state-run news agency MENA

Cairo, 31 October: Egypt, represented in the Petroleum Ministry, signed nine agreements in the petroleum and natural gas exploration domain with 470-million-dollar investments, Minister Sharif Isma’il said on Thursday [31 October].

The agreements were signed with Shell, BICO, PETZED, the Egyptian General Petroleum Corporation and the Egyptian Petroleum Company to explore for oil and gas in Suez Gulf, Sinai and western and eastern desert, he added.

The agreements, the first to be signed since 2010, give a positive message that Egypt is still a magnet for petroleum investments, Isma’il said.

The nine deals are among the 21 agreements the ministry has approved to boost petroleum investments and increase the country’s reserves of gas and oil.

Source: MENA news agency, Cairo, in English 0620gmt 31 Oct 13