{"id":599001,"date":"2019-06-16T04:00:20","date_gmt":"2019-06-16T04:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/"},"modified":"2019-06-16T04:00:20","modified_gmt":"2019-06-16T04:00:20","slug":"egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/","title":{"rendered":"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July"},"content":{"rendered":"

Gov\u2019t looking at USD 65-70\/bbl in fuel hedge contracts set to take effect in July: <\/b>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<\/a>. The government will be looking to lock the price of crude in at between USD 65-70\/bbl in its contract with JP Morgan and Citibank.<\/p>\n

Where are oil prices now? <\/b>Crude has hovered below the USD 70 mark for the better part of the current fiscal year. Bloomberg\u2019s Brent index averaged at USD 67.46 in the past 52 weeks, close to the USD 68 \/ bbl used in the government\u2019s draft FY2019-2020 state budget (pdf)<\/a>.<\/p>\n

Background: <\/b>We noted earlier this year<\/a> that the government was set to to hedge against volatility in the price of fuel, imported wheat and cooking oil, after OPEC production cuts caused prices to jump well above the budgeted estimates last year. The contracts take effect in FY2019-2020 to help ensure Egypt meets its budget deficit target.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 will be looking to lock […]<\/p>\n","protected":false},"author":1,"featured_media":599002,"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":[2653,72,929,949,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budgeting","tag-enterpriseam","tag-futures","tag-hedging","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"14c1363e-530a-4941-858a-c9696f973943","is_powered_by":true,"section_story_id":"7cd6ce1a-930b-4469-b8cc-51bfd95a4546","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/104.jpg","photo_position":"above","related_issue":[598987],"teaser":"","voice_url":""},"yoast_head":"\nEgypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July - 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\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July\" \/>\n<meta property=\"og:description\" content=\"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 will be looking to lock […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-16T04:00:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/104.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\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July\",\"datePublished\":\"2019-06-16T04:00:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/\"},\"wordCount\":195,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/104.jpg?fit=%2C&ssl=1\",\"keywords\":[\"budgeting\",\"EnterpriseAM\",\"futures\",\"hedging\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/\",\"name\":\"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July - 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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":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":599001,"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":625694,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/13\/govt-selects-firm-to-sign-fuel-hedging-contract\/","url_meta":{"origin":599001,"position":3},"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":627243,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/","url_meta":{"origin":599001,"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":627704,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/finance-ministry-receives-seven-international-offers-for-fuel-hedging\/","url_meta":{"origin":599001,"position":5},"title":"Finance Ministry receives seven international offers for fuel hedging","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"EXCLUSIVE- The Finance Ministry is reviewing seven offers of hedging services from international banks and institutions, government sources told Enterprise yesterday. They refused to disclose the name of the bidders, preferring to wait until a Finance Ministry committee was finished going through the offers, which is expected to happen in\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\/599001","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=599001"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599001\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599002"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599001"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599001"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}