• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 9 hours Is the oil & gas industry on the way out?
  • 7 hours In a Nutshell...
  • 11 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 2 hours COVID is real now
  • 7 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 2 days Putin Paid Militants to Kill US Troops
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 17 hours Why Oil could hit $100
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
  • 4 days Why Wind is pitiful for most regions on earth
Can India Really Shut Down Oil Supply To China?

Can India Really Shut Down Oil Supply To China?

As tensions continue to escalate…

Oil Giant Considers Drastic Move As Pandemic Persists

Oil Giant Considers Drastic Move As Pandemic Persists

Anglo-Dutch oil major Shell is…

Egypt Wants Inquiry Into Suspended Saudi Oil Shipments

The Energy Committee of the Egyptian Parliament plans to contact its Ministry of Petroleum to get to the bottom of why the petroleum shipment from Aramco was suspended earlier this month.

The news came from sources within the Egyptian Parliament, and according to that source, the Ministry will be asked to review Aramco’s five-year agreement to supply Egypt with petroleum derivatives.

Egyptian Parliament has reportedly asked Petroleum Minister Tarek El Molla and the chairperson of the Egyptian General Petroleum Corporation (EGPC) to meet with Committee members this Sunday.

Hamada Ghallab said that the purpose of the meeting will be to determine why shipments were suspended, and to get an outlook for subsequent shipments in November. Ghallab added that the committee will ask the Ministry of Petroleum to encourage foreign investment in oil fields in order to boost production in exchange for such things as providing facilities, paying the foreign partners’ share of the project in US dollars, and allowing the partners to “transfer profits abroad.”

In current agreements with the Ministry of Petroleum, foreign partners receive anywhere between a 45 to 50 percent share of the production.

Originally, the Ministry of Petroleum had signed an agreement with Aramco—the five-year deal for petroleum derivative supplies—which began in May. That agreement was inked during the Coordinating Council’s meeting between Egypt and Saudi Arabia in Riyadh this past March. The total cost of the shipments comes to $30 billion over the five-year period.

A ministry source reportedly told Daily News Egypt that so far, Aramco has not made any official statements regarding petroleum shipments to Egypt for next month. In that light, the ministry plans to offer a precautionary tender for the shipments for the agreement, since no product has been received.

Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News