{"id":542782,"date":"2022-01-17T04:03:59","date_gmt":"2022-01-17T04:03:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/egp-30-bn-to-be-pumped-into-state-owned-oil-companies-next-fiscal-year\/"},"modified":"2022-01-17T04:03:59","modified_gmt":"2022-01-17T04:03:59","slug":"egp-30-bn-to-be-pumped-into-state-owned-oil-companies-next-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/egp-30-bn-to-be-pumped-into-state-owned-oil-companies-next-fiscal-year\/","title":{"rendered":"EGP 30 bn to be pumped into \u200b\u200bstate-owned oil companies next fiscal year"},"content":{"rendered":"

<\/a> EGP 30 bn has been earmarked to develop s<\/strong>tate-owned oil companies in the <\/strong>FY2022-2023 budget<\/strong>, Oil Minister Tarek El Molla said, according to a ministry statement<\/a>, adding that the figure is the highest ever allocated. To our knowledge, the ministry has not disclosed total spending on state-owned oil companies in previous years.<\/p>\n

Could some of that go to greening the industry? <\/strong>Bringing the industry in line with environmental standards is of the utmost importance, El Molla said. We\u2019re expecting some big announcements<\/a> on green hydrogen and carbon capture projects ahead of COP27 in November: The government is soon to enlist<\/a> a foreign consultancy to put together a 12-month strategy to develop the green hydrogen industry, while the Oil Ministry and Eni will announce joint initiatives<\/a> on carbon capture at the global climate summit in Sharm El Sheikh.<\/p>\n

The budget comes on the heels of major exploration + production agreements: <\/strong>At the start of the year, seven international energy companies were awarded<\/a> eight of the 24 oil and gas exploration blocks included in the government\u2019s latest bid round held<\/a>. Meanwhile, Eni last month committed to invest a minimum USD 1 bn<\/a> on exploration and extraction in the Gulf of Suez and Nile Delta regions, while the Oil Ministry also inked a new USD 3.5 bn, 20-year production agreement<\/a> with Apache-Sinopec JV.<\/p>\n

Next steps for the state budget:<\/strong> The Finance Ministry plans to begin public consultations on the FY2022-2023 budget and the government\u2019s strategic targets this month<\/a>, ahead of shipping the draft bill to the House of Representatives for discussion and approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGP 30 bn has been earmarked to develop state-owned oil companies in the FY2022-2023 budget, Oil Minister Tarek El Molla said, according to a ministry statement, adding that the figure is the highest ever allocated. To our knowledge, the ministry has not disclosed total spending on state-owned oil companies in previous years. Could some of […]<\/p>\n","protected":false},"author":1,"featured_media":542783,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7413],"tags":[279,72,91,371],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-enterpriseam","tag-oil-and-gas","tag-oil-ministry","wpautop","entry"],"acf":{"mongo_id":"62618f3e-4d85-473e-8617-a45161708d21","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/188.jpg","photo_position":"above","related_issue":[542773],"teaser":"","voice_url":""},"yoast_head":"\nEGP 30 bn to be pumped into \u200b\u200bstate-owned oil companies next fiscal year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/egp-30-bn-to-be-pumped-into-state-owned-oil-companies-next-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGP 30 bn to be pumped into \u200b\u200bstate-owned oil companies next fiscal year\" \/>\n<meta property=\"og:description\" content=\"EGP 30 bn has been earmarked to develop state-owned oil companies in the FY2022-2023 budget, Oil Minister Tarek El Molla said, according to a ministry statement, adding that the figure is the highest ever allocated. 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state-owned oil and gas companies including Suez Oil Company, Fanar Petroleum Company (Fanpetco), and Fajr Egypt, the Oil Ministry said Friday.Higher Education Minister Ayman Ashour has announced the appointment of new leaders at several public universities, the ministry\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/","url_meta":{"origin":542782,"position":1},"title":"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"The Oil Ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector in FY 2022-2023, Reuters reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday.Oil + gas accounts for almost half of Egypt\u2019s FDI: At least, it did\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559650,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/31\/new-oil-gas-exploration-tender-coming\/","url_meta":{"origin":542782,"position":2},"title":"New oil + gas exploration tender coming","author":"enterpriseam admin","date":"31 January 2021","format":false,"excerpt":"Energy companies will get a chance to get their hands on new onshore and offshore exploration blocks within two weeks, when state-owned EGPC and EGAS will launch a new oil and gas exploration tender, Oil Minister Tarek El Molla told Gulf Intelligence (watch, runtime: 21:15). The tender will include offshore\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019\/","url_meta":{"origin":542782,"position":3},"title":"We\u2019re going to pay more at the gas pump for the first time since 2019","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"The government raised fuel prices by 3-4% over the weekend following a rise in global oil prices during the first quarter, the Oil Ministry said in a statement. The hike \u2014 the first since July 2019 \u2014 means that motorists will now pay an extra EGP 0.25 per liter for\u2026","rel":"","context":"In "FUEL PRICES"","block_context":{"text":"FUEL PRICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/fuel-prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554240,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/eni-commits-usd-1-bn-to-oil-exploration-in-suez-gulf-nile-delta\/","url_meta":{"origin":542782,"position":4},"title":"Eni commits USD 1 bn to oil exploration in Suez Gulf + Nile Delta","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"Eni to invest at least USD 1 bn on oil production in Suez Gulf, Nile Delta: Italian energy firm Eni has signed an agreement with the state-owned Egyptian General Petroleum Corporation (EGPC), committing Eni to spending a minimum USD 1 bn on exploration and extraction in the Gulf of Suez\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/491.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578722,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/oil-ministry-projects-wont-freeze-fx-spending-el-molla\/","url_meta":{"origin":542782,"position":5},"title":"Oil Ministry projects won\u2019t freeze FX spending -El Molla","author":"enterpriseam admin","date":"11 January 2023","format":false,"excerpt":"ENERGY-Oil Ministry projects are excluded from the government\u2019s decision to ration FX spending, Minister Tarek El Molla told CNBC in an interview (watch, runtime: 10:08) The Oil Ministry\u2019s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. The\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/173.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542782"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542782\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542783"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542782"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542782"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}