{"id":624325,"date":"2018-09-05T04:01:39","date_gmt":"2018-09-05T04:01:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/"},"modified":"2018-09-05T04:01:39","modified_gmt":"2018-09-05T04:01:39","slug":"did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/","title":{"rendered":"Did Egypt sign fuel hedging contracts with JP Morgan and Citi?"},"content":{"rendered":"<p><strong>Did the gov\u2019t sign fuel hedging contracts with JP Morgan and Citi? <\/strong>The Egyptian government reportedly signed fuel hedging contracts with two international banks,a senior official told <u><a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKCN1LK0XB\">Reuters\u2019 Arabic service yesterday<\/a><\/u>. <u><a href=\"https:\/\/alborsaanews.com\/2018\/09\/04\/1129717\">Other sources<\/a><\/u> speaking to the local press say that the firms were JP Morgan and Citibank. While the source said that the effective date of the agreement has not yet been set, others <u><a href=\"http:\/\/almalnews.com\/Story\/388260\/59\/%D9%85%D8%B5%D8%AF%D8%B1-%D8%AD%D9%83%D9%88%D9%85%D9%8A-%D8%AA%D9%86%D9%81%D9%8A%D8%B0-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D9%85%D8%AE%D8%A7%D8%B7%D8%B1-%D8%A7%D9%84%D9%88%D9%82%D9%88%D8%AF-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\">speaking to Al Mal<\/a><\/u>suggest it will come into effect during the FY2019-20 fiscal year. An official from the Finance Ministry had told us earlier this week that the contracts need not necessarily be signed at all if fuel prices stabilize. This is all very secondhand and speculative at the moment, so watch this space.<\/p>\n<p><strong>Background:<\/strong> We had <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/13\/govt-selects-firm-to-sign-fuel-hedging-contract\/\">heard from sources<\/a><\/u> last month that the ministries of oil and finance had selected the firm that will provide hedges to the government and that the contracts would be finalized after the next OPEC meeting. The move aims to prevent higher oil prices from further straining the state budget, which assumes an average price of USD 67\/bbl. The winning firm had offered to help Egypt hedge against oil futures rising above USD 73\/bbl. Seven offers from international banks bidding on the contract were <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/25\/finance-ministry-committee-to-begin-reviewing-fuel-hedging-offers-in-july\/\">reportedly on the table<\/a><\/u> and under review. <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/03\/finmin-to-expand-hedging-on-other-goods-including-wheat\/\">We reported on Monday<\/a><\/u> that the Finance Ministry was also pursuing a similar arrangement to <strong>hedge against fluctuations in the global prices of wheat and<\/strong> other key commodities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did the gov\u2019t sign fuel hedging contracts with JP Morgan and Citi? 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 said that the effective date [&hellip;]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624325","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ca4a36cf-12ac-45d6-be24-91e185ed662b","order":"0","is_powered_by":true,"section_story_id":"c477fda5-d01a-47d5-9f1f-38fc193ffcc5","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624308],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Did Egypt sign fuel hedging contracts with JP Morgan and Citi? - 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\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Did Egypt sign fuel hedging contracts with JP Morgan and Citi?\" \/>\n<meta property=\"og:description\" content=\"Did the gov\u2019t sign fuel hedging contracts with JP Morgan and Citi? 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 said that the effective date [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-05T04:01:39+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\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Did Egypt sign fuel hedging contracts with JP Morgan and Citi?\",\"datePublished\":\"2018-09-05T04:01:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/\"},\"wordCount\":254,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/did-egypt-sign-fuel-hedging-contracts-with-jp-morgan-and-citi\/\",\"name\":\"Did Egypt sign fuel hedging contracts with JP Morgan and Citi? 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This comes two weeks after a government source told the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":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":624325,"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 &quot;Speed Round&quot;","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":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":624325,"position":2},"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 &quot;Speed Round&quot;","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":595781,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/","url_meta":{"origin":624325,"position":3},"title":"Government seeking to increase oil hedging contracts this fiscal year","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":601047,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/egypt-to-sign-hedging-contracts-for-fy2019-20-in-two-weeks\/","url_meta":{"origin":624325,"position":4},"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 &quot;Speed Round&quot;","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":622470,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/02\/should-the-finmin-reconsider-its-stance-on-fuel-hedging\/","url_meta":{"origin":624325,"position":5},"title":"Should the FinMin reconsider its stance on fuel hedging?","author":"enterpriseam admin","date":"2 October 2018","format":false,"excerpt":"Should the FinMin reconsider its stance on fuel hedging? Oil soared yesterday to its highest level since 2014, with crude futures rising 2.8% to USD 84.98\/bbl as a slowdown in US drilling added to already mounting concerns about an output shortage, according to Bloomberg. Traders see oil could hit the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/624325","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=624325"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624325\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/624308"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=624325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=624325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=624325"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=624325"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=624325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}