Oil Egypt accountACCOUNT King Tut

Egypt Signs Oil Hedging Deals with Two Banks

Source: Reuters 9/4/2018, Location: Egypt

Share |
Egypt has signed contracts with two global banks to hedge against fluctuating global oil prices, a senior government official told Reuters.

Egypt has estimated an average oil price of $67 per barrel in its full-year 2018-2019 budget while the current price of Brent crude is $79.

“We have signed insurance contracts against fluctuating global oil prices with two international banks,” said the official, who spoke on condition of anonymity.

“But we have not determined when the insurance will start,” the official said, without disclosing the names of the banks.

In April, the Finance Ministry estimated that a rise of $1 per barrel would have a negative impact of about 4 billion pounds, or 0.08 percent of GDP.

The total target deficit is 8.4 percent in 2018-2019 at 438.594 billion pounds ($24.5 billion), compared with 9.8 percent to 431.081 billion pounds in 2017-2018.

Egypt >>  3/14/2019 - Eni announces a new gas discovery under evaluation in the Nour exploration prospect located in the Nour North Sinai Concession, in the Eastern Egyptia...
Egypt >>  3/12/2019 - The Ministry of Petroleum and Mineral Resources of Egypt (M.O.P) invite international qualified and interested companies having the technical and fina...

Egypt >>  3/8/2019 - ADES International Holding PLC (ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pl...
Egypt >>  3/7/2019 - DEA has extended its concessions for the Ras Budran and Zeit Bay oil fields in the Gulf of Suez. At a formal ceremony event, witnessed by H.E. Eng. Ta...

Egypt >>  3/6/2019 - Petroleum Minister Tareq el Molla had talks with First Vice President of the European Bank for Reconstruction and Development (EBRD), Jurgen Rigterink...
Egypt >>  3/5/2019 - TechnipFMC (FTI) has successfully completed the remaining conditions required to enable work to commence on the Engineering, Procurement, and Construc...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us