{"id":569160,"date":"2020-02-16T05:45:25","date_gmt":"2020-02-16T05:45:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/"},"modified":"2020-02-16T05:45:25","modified_gmt":"2020-02-16T05:45:25","slug":"egypt-hedged-against-rising-oil-prices-this-year-maait-confirms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/","title":{"rendered":"Egypt hedged against rising oil prices this year, Maait confirms"},"content":{"rendered":"

<\/a> Egypt hedged against rising oil prices this year, Maait confirms:<\/strong> 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<\/a>. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year if needed,\u201d the minister said on the sidelines of the Egypt Petroleum Show last week. The minister said at the start of the fiscal year<\/a> that the government was considering going back to the market but nothing has been heard since. This is the second consecutive year Egypt has hedged against oil market volatility after reportedly buying call options (a derivative contract that protects against rising prices by fixing the rate for specified period of time) from Citibank and JPMorgan<\/a> in FY2018-2019.<\/p>\n

Further hedging won\u2019t be needed on current evidence as the coronavirus takes its toll on the oil markets. <\/strong>The International Energy Agency last week projected<\/a> demand growth to slow to rates not seen since 2011 as consumption in China suffers under the weight of the coronavirus outbreak. The price of Brent has already fallen from just under USD 69\/bbl to a low of USD 53\/bbl since the start of the year, well under the USD 68\/bbl average price the government used for its FY2019-2020 budget. Goldman Sachs last week said<\/a> it sees the price remaining at around USD 53 until the end of the year due to the loss of around 4 mn bbl\/d of Chinese consumption.<\/p>\n

Egypt considering grain hedging:<\/strong> Maait said that the government was considering taking action to protect itself against rising grain prices, an option that has been floated before<\/a> due to Egypt\u2019s heavy dependence on wheat imports. Wheat is currently trading at USD 212 per metric ton, slightly under the USD 214 price assumed in the state budget.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year if needed,\u201d the minister said […]<\/p>\n","protected":false},"author":1,"featured_media":569161,"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":[8572],"tags":[294,1052,93,72,7087,949,262,91,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-citigroup","tag-derivatives","tag-energy","tag-enterpriseam","tag-finance","tag-hedging","tag-jpmorgan","tag-oil-and-gas","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ba4fcfcf-f2b6-47fc-b460-9cd8760fcb59","is_powered_by":true,"section_story_id":"452adb89-769a-4d1d-a084-7aa4d511604a","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/202.jpg","photo_position":"above","related_issue":[569146],"teaser":"","voice_url":""},"yoast_head":"\nEgypt hedged against rising oil prices this year, Maait confirms - 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\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt hedged against rising oil prices this year, Maait confirms\" \/>\n<meta property=\"og:description\" content=\"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. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year if needed,\u201d the minister said […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-16T05:45:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/202.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt hedged against rising oil prices this year, Maait confirms\",\"datePublished\":\"2020-02-16T05:45:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/\"},\"wordCount\":315,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/202.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Citigroup\",\"derivatives\",\"energy\",\"EnterpriseAM\",\"Finance\",\"hedging\",\"JPMorgan\",\"oil and gas\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/\",\"name\":\"Egypt hedged against rising oil prices this year, Maait confirms - 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The\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\/2020\/12\/196.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":569160,"position":1},"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":624223,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/03\/finmin-to-expand-hedging-on-other-goods-including-wheat\/","url_meta":{"origin":569160,"position":2},"title":"FinMin to expand hedging on other goods, including wheat","author":"enterpriseam admin","date":"3 September 2018","format":false,"excerpt":"EXCLUSIVE- FinMin to expand hedging to other commodities, including wheat: It appears that the Finance Ministry is indeed to looking to initiate a program to hedge against volatility in the global price of wheat in manner similar to its fuel hedging program, a ministry source told Enterprise. The move is\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":622814,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/14\/egypt-in-advanced-talks-over-wheat-hedging-contracts\/","url_meta":{"origin":569160,"position":3},"title":"Egypt in advanced talks over wheat hedging contracts","author":"enterpriseam admin","date":"14 October 2018","format":false,"excerpt":"EXCLUSIVE- Egypt in advanced talks on wheat hedge: Egypt is currently in \u201cserious\u201d negotiations with the National Bank of Abu Dhabi (NBAD) and a leading Kuwaiti lender about a wheat hedge that would insulate the treasury from fluctuations in global prices, a top aide to Supply Minister Ibrahim El Ashmawy\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":596528,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19\/","url_meta":{"origin":569160,"position":4},"title":"Egypt plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-19","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Government plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-2019: Egypt is planning to hedge against rising oil prices for the second year in a row, Finance Minister Mohamed Maait said in an interview last week, Bloomberg reports. 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":622591,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/08\/with-the-price-of-oil-stubbornly-high-the-madbouly-government-may-be-looking-at-a-fuel-hedge-after-all\/","url_meta":{"origin":569160,"position":5},"title":"With the price of oil stubbornly high, the Madbouly government may be looking at a fuel hedge after all","author":"enterpriseam admin","date":"8 October 2018","format":false,"excerpt":"** #1 EXCLUSIVE- With the price of oil stubbornly high, the Madbouly government may be looking at a fuel hedge after all. The cabinet of Prime Minister Mostafa Madbouly is drafting a policy change that would allow the Finance Ministry to move ahead with a hedging strategy to shield 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569160","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=569160"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569160\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569161"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569160"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569160"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}