• 6 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 11 hours Keystone Pipeline Restart Still Unknown
  • 15 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 17 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 19 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 20 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 22 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 23 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 8 days Oil And Gas M&A Deal Appetite Highest Since 2013
Is Tesla’s E-Truck A Game Changer For Energy Markets?

Is Tesla’s E-Truck A Game Changer For Energy Markets?

Tesla’s E-truck is a potential…

Overcoming Wind Energy’s Biggest Obstacle

Overcoming Wind Energy’s Biggest Obstacle

New research suggests that smaller,…

Stricken Egypt Received $2.48 Billion of Fuel from Gulf States from July-Nov

Stricken Egypt Received $2.48 Billion of Fuel from Gulf States from July-Nov

Between the end of July 2013 and the end of November, Egypt had received $2.48 billion worth of fuel from Saudi Arabia, the UAE, and Kuwait as a form of aid during troubled times.

Ever since the 2011 uprising that toppled the reign of long standing President Hosni Mubarak, Egypt has struggled to pay for its energy imports. The months of protesting and violent clashes that preceded the resignation of Mubarak, drove away tourists and foreign investors, two of the largest sources of economic revenue for the country.

In the years that have followed Egypt has spent over $20 billion of its reserves trying to keep the country running and has often sought to delay its energy payments as it attempts to manage its wealth. It has even tried to reduce generous energy subsidies which account for 20 percent of all state expenditure.

Related article: Breathing Life into Egypt’s Dying Energy Sector

The country’s problems were compounded in July of this year after Mubarak’s replacement, Mohamed Morsi, was overthrown by the country’s army. At this point the three Gulf Arab states stepped in to offer the ailing country more than $12 billion in loans and donations as means of aid until it can get back on its feet.

Sherif Ismail, Egypt’s Oil Minister, said that the three Arab countries had also agreed to supply oil products until the end of the year, and that Egypt is now looking to earn an extension of that offer.

Hisham Ramez, the governor of Egypt’s central bank, said that by the end of September the country had received a total of $7 billion in aid: $3 billion from the UAE, $2 billion from Saudi Arabia, and $2 billion from Kuwait.

An Egyptian government official told Reuters that “the total of the petrol aid that Egypt received until the end of November is $1 billion from Saudi Arabia, $820 million from the UAE and $660 million from Kuwait.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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