{"id":597140,"date":"2019-07-17T03:57:59","date_gmt":"2019-07-17T03:57:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/"},"modified":"2019-07-17T03:57:59","modified_gmt":"2019-07-17T03:57:59","slug":"egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/","title":{"rendered":"Egypt eyes setting crude price in hedging contract at USD 64-68"},"content":{"rendered":"

<\/a> Egypt eyes pricing crude at USD 64-68 in new hedging contract: <\/b>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 Al Mal<\/a>. Finance Minister Mohamed Maait confirmed earlier this month<\/a> that the government is planning to hedge against rising oil prices for the second consecutive year, having signed contracts last year with JPMorgan and Citibank. The minister\u2019s confirmation came following press statements<\/a> that his ministry and the oil ministry have 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, the source said.<\/p>\n

The contract saw hedging take place in FY2018-2019 at USD 70 per bbl: <\/b>Despite crude hovering below USD 70 for a big part of the fiscal year, the government didn\u2019t incur \u201csignificant losses\u201d from hedging during the last fiscal year, the source said. He added that the hedging from last fiscal year\u2019s contracts remains in place until the agreements are renewed. Crude indices are forecast to fluctuate between USD 65-70 this fiscal year, according to predictions cited by the newspaper.<\/p>\n

Why is Egypt hedging? <\/b>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":"

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 Al Mal. Finance Minister Mohamed […]<\/p>\n","protected":false},"author":1,"featured_media":597141,"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":[2653,93,72,7087,11166,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budgeting","tag-energy","tag-enterpriseam","tag-finance","tag-fuel-hedging","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ff08adc0-f834-4bc8-ada6-2480bc3986a4","is_powered_by":true,"section_story_id":"e5a66093-d05d-4be9-a33c-0980fed93da5","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/172.jpg","photo_position":"above","related_issue":[597133],"teaser":"","voice_url":""},"yoast_head":"\nEgypt eyes setting crude price in hedging contract at USD 64-68 - 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\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt eyes setting crude price in hedging contract at USD 64-68\" \/>\n<meta property=\"og:description\" content=\"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 Al Mal. Finance Minister Mohamed […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-17T03:57:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/172.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\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt eyes setting crude price in hedging contract at USD 64-68\",\"datePublished\":\"2019-07-17T03:57:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/\"},\"wordCount\":269,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/172.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budgeting\",\"energy\",\"EnterpriseAM\",\"Finance\",\"fuel hedging\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/\",\"name\":\"Egypt eyes setting crude price in hedging contract at USD 64-68 - 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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":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":597140,"position":1},"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":[]},{"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":597140,"position":2},"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":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":597140,"position":3},"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":627243,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/","url_meta":{"origin":597140,"position":4},"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":[]},{"id":578518,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/","url_meta":{"origin":597140,"position":5},"title":"Egypt set to hedge against rising oil prices","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, Bloomberg Asharq reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news\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\/2023\/1\/36.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\/597140","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=597140"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597140\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597141"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597140"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597140"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}