{"id":596528,"date":"2019-07-01T04:29:50","date_gmt":"2019-07-01T04:29:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19\/"},"modified":"2019-07-01T04:29:50","modified_gmt":"2019-07-01T04:29:50","slug":"egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19\/","title":{"rendered":"Egypt plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-19"},"content":{"rendered":"

<\/a> Government plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-2019: <\/b>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<\/a>. This comes two weeks after a government source told the press<\/a> that the finance and oil ministries were negotiating new fuel hedging contracts for the new fiscal year. An informed source told Bloomberg that JP Morgan and Citibank provided the current contracts. The government is considering hiring additional banks in FY2019-2020, the source added.<\/p>\n

This is the first official recognition that the government has completed a fuel hedging program.<\/b> Much of what we know about fuel hedging has come through anonymous government sources, with the ministry never directly confirming or denying the information. We were told<\/a> last year that the government was in talks with two banks (believed to be JP Morgan and Citibank) to sign contracts for FY2018-2019. These plans appeared to be shelved after crude prices fell below<\/a> the USD 67\/bbl Egypt had projected in its yearly budget. However, an official told us in February<\/a> that the government was once again thinking about entering into hedging contracts, this time during FY2019-2020. Budget figures then revealed<\/a> in April that the government had indeed purchased hedging contracts in the last fiscal year.<\/p>\n

How much are the contracts worth?<\/b> The exact details of the programs are unknown, but an analysis of market activity cited by Bloomberg indicates that we may have purchased call options<\/a> (a contract allowing the holder to buy fuel at a predetermined price) at around USD 70\/bbl for December 2019, along with several maturities in 2020. It also looks likely that we took part in large trades booked using fence structure<\/a> (which sets up a range around a commodity) for USD 50-70\/bbl. It is not clear how much of this trading activity is linked to Egypt, Bloomberg notes.<\/p>\n

Egypt remains a net importer of oil and is especially vulnerable to price increases:<\/b> A Bloomberg analysis last year<\/a> showed that every USD 1 increase above the budgeted oil price of USD 67\/bbl added EGP 4 bn (USD 222 mn) to the state\u2019s annual outlay, putting additional pressure on the government as it sought to reach its budget deficit target of 8.4% for FY2018-2019. This year\u2019s budget uses a benchmark price of USD 68\/bbl.<\/p>\n

Hedging against wheat remains unlikely for now: <\/b>Maait confirmed that Egypt decided not to hedge against global price fluctuations in wheat in FY2018-2019, and that it is unclear whether we will do so for FY2019-2020. Egypt is the world\u2019s largest importer of wheat.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 press that the finance and […]<\/p>\n","protected":false},"author":1,"featured_media":596529,"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":[864,317,72,949,277,91,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budget-deficit","tag-commodities","tag-enterpriseam","tag-hedging","tag-mohamed-maait","tag-oil-and-gas","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5ff7a012-12c4-4061-bb20-f3d79a2c2e36","is_powered_by":true,"section_story_id":"c76e4ce2-8ba4-4d4b-b668-c90d87234437","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/661.jpg","photo_position":"above","related_issue":[596521],"teaser":"","voice_url":""},"yoast_head":"\nEgypt plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-19 - 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\/07\/01\/egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-19\" \/>\n<meta property=\"og:description\" content=\"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. 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The government will sign up\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":596528,"position":1},"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":569160,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/","url_meta":{"origin":596528,"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. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year\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\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601047,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/egypt-to-sign-hedging-contracts-for-fy2019-20-in-two-weeks\/","url_meta":{"origin":596528,"position":3},"title":"Egypt to sign hedging contracts for FY2019-20 in two weeks","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"EXCLUSIVE- Egypt could sign hedging contracts for FY2019-20 in two weeks\u2019 time: The government could sign in as little as two weeks\u2019 time contracts to hedge against the price volatility of fuel, imported wheat and cooking oil, a senior government official told Enterprise. 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":567892,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/","url_meta":{"origin":596528,"position":4},"title":"FinMin is hedging like it never hedged before","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"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\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":599001,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/","url_meta":{"origin":596528,"position":5},"title":"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"Gov\u2019t looking at USD 65-70\/bbl in fuel hedge contracts set to take effect in July: The finance and oil ministries have started renegotiating the USD 70\/bbl price they had agreed on under fuel hedging contracts set to take effect next month, a government source told the local press. The government\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\/10\/104.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\/596528","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=596528"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596528\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596529"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596528"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596528"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}