{"id":567892,"date":"2020-12-10T04:11:49","date_gmt":"2020-12-10T04:11:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/"},"modified":"2020-12-10T04:11:49","modified_gmt":"2020-12-10T04:11:49","slug":"finmin-is-hedging-like-it-never-hedged-before","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/","title":{"rendered":"FinMin is hedging like it never hedged before"},"content":{"rendered":"

<\/a> Egypt has nearly doubled its oil hedging contracts so far this fiscal year<\/strong>, as the government looks to lock in the benefits of low oil prices, Finance Minister Mohamed Maait told Bloomberg<\/a>. \u201cWe did a huge number of hedging contracts,\u201d Maait said without disclosing the value of the contracts. The government still hasn\u2019t decided a plan for next fiscal year, the minister said, adding that \u201cwe are covered until 30 June.\u201d<\/p>\n

The government has been hedging for the past two years<\/strong>, taking out call options (a derivative contract that protects against rising oil prices by fixing the rate for a specified period of time) since FY2018-2019<\/a>. Egypt purchased the contracts from Citibank and JPMorgan the first time around.<\/p>\n

The 2020 oil crash gave us some much needed breathing room:<\/strong> Brent prices remain down 25% year-to-date at just below USD 50\/bbl, having crashed to historic lows (remember negative oil prices?) during the initial onslaught of the virus in the second quarter. This is significantly below the USD 61 benchmark used by the Finance Ministry in the FY2020-2021 budget. The low prices have helped reduce Egypt\u2019s energy subsidy bill, which fell<\/a> 46% in the first quarter of FY2020-2021 to EGP 3.9 bn from EGP 7.25 bn in the same period a year earlier.<\/p>\n

We\u2019re still considering grain hedging: <\/strong>Egypt is still mulling hedging against rising grain prices, Maait confirmed to the business information service. \u201cWe are in talks with some banks,\u201d he said. This opinion has been floated before due to Egypt\u2019s heavy dependence on wheat imports. Wheat is currently trading at USD 211 per metric ton, slightly above the USD 199.5 price assumed in the state budget.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt has nearly doubled its oil hedging contracts so far this fiscal year, as the government looks to lock in the benefits of low oil prices, Finance Minister Mohamed Maait told Bloomberg. \u201cWe did a huge number of hedging contracts,\u201d Maait said without disclosing the value of the contracts. The government still hasn\u2019t decided a […]<\/p>\n","protected":false},"author":1,"featured_media":567893,"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":[7207],"tags":[93,72,7087,277,91,190,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-finance","tag-mohamed-maait","tag-oil-and-gas","tag-social-welfare","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"445b5f6e-59f5-429f-95ab-e917db910118","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/196.jpg","photo_position":"above","related_issue":[567886],"teaser":"","voice_url":""},"yoast_head":"\nFinMin is hedging like it never hedged before - 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\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin is hedging like it never hedged before\" \/>\n<meta property=\"og:description\" content=\"Egypt has nearly doubled its oil hedging contracts so far this fiscal year, as the government looks to lock in the benefits of low oil prices, Finance Minister Mohamed Maait told Bloomberg. \u201cWe did a huge number of hedging contracts,\u201d Maait said without disclosing the value of the contracts. The government still hasn\u2019t decided a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-10T04:11:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/196.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin is hedging like it never hedged before\",\"datePublished\":\"2020-12-10T04:11:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/\"},\"wordCount\":282,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/196.jpg?fit=%2C&ssl=1\",\"keywords\":[\"energy\",\"EnterpriseAM\",\"Finance\",\"Mohamed Maait\",\"oil and gas\",\"social welfare\",\"subsidies\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/\",\"name\":\"FinMin is hedging like it never hedged before - 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The contracts begin in FY2019-20 to help\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569160,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/","url_meta":{"origin":567892,"position":2},"title":"Egypt hedged against rising oil prices this year, Maait confirms","author":"enterpriseam admin","date":"16 February 2020","format":false,"excerpt":"Egypt hedged against rising oil prices this year, Maait confirms: Egypt took out hedging contracts to guard against rising oil prices during the current fiscal year, Finance Minister Mohamed Maait confirmed in an interview with Bloomberg. 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This comes two weeks after a government source told the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/661.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625063,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/26\/shrugging-off-rising-oil-prices-the-finance-ministry-shelves-its-fuel-hedging-plan\/","url_meta":{"origin":567892,"position":4},"title":"Shrugging off rising oil prices, the Finance Ministry shelves its fuel hedging plan","author":"enterpriseam admin","date":"26 September 2018","format":false,"excerpt":"**#3 FinMin shelves fuel hedging plan, shrugging off rising oil prices: The Finance Ministry has officially decided to shelve a plan to hedge against rising oil prices, Minister Mohamed Maait said yesterday. Officials had suggested earlier this month that the program might be shelved if oil prices were to stabilize,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559962,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/egypt-wont-tap-debt-market-again-before-2h-no-decision-on-wheat-hedging-maait\/","url_meta":{"origin":567892,"position":5},"title":"Egypt won\u2019t tap debt market again before 2H, no decision on wheat hedging \u2013Maait","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"Egypt has no plans to return to the international debt market before the end of the first half, Finance Minister Mohamed Maait told Al Arabiya. 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