{"id":595781,"date":"2019-08-06T04:00:48","date_gmt":"2019-08-06T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/"},"modified":"2019-08-06T04:00:48","modified_gmt":"2019-08-06T04:00:48","slug":"government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/","title":{"rendered":"Government seeking to increase oil hedging contracts this fiscal year"},"content":{"rendered":"

<\/a> EXCLUSIVE- Gov\u2019t mulls signing fuel hedging contracts with more banks this fiscal year:<\/b> The government is planning to at least double the number of oil hedging contracts it will sign for FY2019-2020 and is currently reviewing bids from several banks, two government officials told Enterprise. The government will sign up to five new agreements as well as renew the two contracts it had signed in FY2018-2019. It plans to expand hedging to include other basic commodities in the next fiscal year.<\/p>\n

Background:<\/b> It was reported earlier in July<\/a>that crude oil prices will be set at USD 64-68 per bbl in the government\u2019s fuel hedging contracts with international banks. The finance and oil ministries had started renegotiating the USD 70\/bbl price they had agreed on in the contract. Hedging contracts typically allow for a revision of the crude price on a quarterly basis. A Bloomberg analysis last year<\/a> showed that every USD 1 increase above a benchmark price used by the state in annual budgeting added EGP 4 bn (USD 222 mn) to annual spending. This year\u2019s budget uses a benchmark price of USD 68\/bbl.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Gov\u2019t mulls signing fuel hedging contracts with more banks this fiscal year: The government is planning to at least double the number of oil hedging contracts it will sign for FY2019-2020 and is currently reviewing bids from several banks, two government officials told Enterprise. The government will sign up to five new agreements as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[279,104,72,949,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595781","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-budget-watch","tag-economy","tag-enterpriseam","tag-hedging","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"fc631056-fb4c-4f76-8207-8472ca1704bb","is_powered_by":true,"section_story_id":"195c3e11-29db-44a3-9d57-eaeaecadc010","story_type":"1","photo_url":"","photo_position":"above","related_issue":[595767],"teaser":"","voice_url":""},"yoast_head":"\nGovernment seeking to increase oil hedging contracts this 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\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government seeking to increase oil hedging contracts this fiscal year\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Gov\u2019t mulls signing fuel hedging contracts with more banks this fiscal year: The government is planning to at least double the number of oil hedging contracts it will sign for FY2019-2020 and is currently reviewing bids from several banks, two government officials told Enterprise. The government will sign up to five new agreements as […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-06T04:00:48+00:00\" \/>\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\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Government seeking to increase oil hedging contracts this fiscal year\",\"datePublished\":\"2019-08-06T04:00:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/\"},\"wordCount\":196,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"budget watch\",\"economy\",\"EnterpriseAM\",\"hedging\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/\",\"name\":\"Government seeking to increase oil hedging contracts this fiscal year - 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The Egyptian government reportedly signed fuel hedging contracts with two international banks,a senior official told Reuters\u2019 Arabic service yesterday. Other sources speaking to the local press say that the firms were JP Morgan and Citibank. While the source\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":604674,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/10\/egyptian-govt-retracts-oil-hedging-contracts-as-crude-falls-short-of-budget-forecast\/","url_meta":{"origin":595781,"position":1},"title":"Egyptian gov\u2019t retracts oil hedging contracts as crude falls short of budget forecast","author":"enterpriseam admin","date":"10 December 2018","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t walks away from fuel hedging plan as oil price plunge sees crude trading below budget prediction: The Finance Ministry has pulled fuel hedging contracts it was due to finalize with two banks as crude prices proved lower than annual budget projections, a government source told Enterprise. Even though\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":625694,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/13\/govt-selects-firm-to-sign-fuel-hedging-contract\/","url_meta":{"origin":595781,"position":2},"title":"Gov\u2019t selects firm to sign fuel hedging contract","author":"enterpriseam admin","date":"13 August 2018","format":false,"excerpt":"Gov\u2019t selects firm to sign fuel hedging contract: The ministries of finance and oil have settled on the firm which will sign fuel hedging contracts with the government, a government source told Enterprise. The source refused to reveal the winner of a tender issued by the Oil Ministry to select\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":597140,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/","url_meta":{"origin":595781,"position":3},"title":"Egypt eyes setting crude price in hedging contract at USD 64-68","author":"enterpriseam admin","date":"17 July 2019","format":false,"excerpt":"Egypt eyes pricing crude at USD 64-68 in new hedging contract: Crude oil prices will be set at USD 64-68 per bbl in the government\u2019s fuel hedging contracts with international banks, which are due to be renewed soon for the new fiscal year, an unnamed government source estimated, according to\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\/2\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","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":595781,"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":627243,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/","url_meta":{"origin":595781,"position":5},"title":"Madbouly Cabinet signs off on fuel hedging","author":"enterpriseam admin","date":"26 July 2018","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet gave the Oil Ministry the greenlight to sign fuel hedging contracts with international banks at its weekly meeting yesterday. We had heard that seven offers were already on the table and under review from institutions looking to provide Egypt with fuel hedging solutions to prevent\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\/595781","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=595781"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595781\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595767"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595781"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595781"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}