{"id":626634,"date":"2018-07-08T04:11:32","date_gmt":"2018-07-08T04:11:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/"},"modified":"2018-07-08T04:11:32","modified_gmt":"2018-07-08T04:11:32","slug":"arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/","title":{"rendered":"Arrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar year"},"content":{"rendered":"

Egypt\u2019s arrears to oil producers have fallen to their lowest levels yet, coming in at USD 1.2 bn at the end of FY2017-18, lower than the previous trough of USD 1.35 bn in 2010, Oil Minister Tarek El Molla announced on Thursday<\/a><\/u>. Egypt intends to fully repay amounts owed to international oil companies by the end of 2019, he said. Total arrears are down from USD 2.1 bn in February<\/a><\/u>.Sources had said earlier this month<\/a><\/u> that the EGPC was planning to deliver USD 200-500 mn in payments to producers before the end of September 2018.<\/p>\n

The oil and gas sector is expected to drive economic growth this fiscal year as production from the Zohr gas field ramps up and focus turns towards turning Egypt into a regional export hub, El Molla said at a Thursday press conference (watch, runtime: 16:13<\/a><\/u>). Production from Zohr is on track to hit 1.75 bcf\/d by the end of August, up from a current 1.2 bcf\/d and on its way to reach<\/a><\/u> c. 2 bfc\/d by the end of 2018. Exploration work on the Noor gas field is also expected to start in two months\u2019 time, according to the minister.<\/p>\n

No more fuel subsidy cuts this year:\u00a0El Molla promised no further cuts to fuel subsidies this year, Ahram Online reports<\/a><\/u>. \u201cThere will be no hike in fuel prices in Egypt during this [calendar] year,\u201d El Molla said late Friday in a phone in to Mehwar TV. Egypt had hiked fuel prices by around 50% on average for consumers and industry late last month, the third such move since the IMF Extended Fund Facility was signed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s arrears to oil producers have fallen to their lowest levels yet, coming in at USD 1.2 bn at the end of FY2017-18, lower than the previous trough of USD 1.35 bn in 2010, Oil Minister Tarek El Molla announced on Thursday. Egypt intends to fully repay amounts owed to international oil companies by the […]<\/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":[7207],"tags":[93,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626634","post","type-post","status-publish","format-standard","hentry","category-energy","tag-energy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"2892fd71-7b11-4604-ac8c-e2eb41354a03","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","full_issue_title":"Arrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar year","related_issue":[626606],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.78865206-7669-48c7-903d-02adf4fd6ae8.mp3"},"yoast_head":"\nArrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar 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\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar year\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s arrears to oil producers have fallen to their lowest levels yet, coming in at USD 1.2 bn at the end of FY2017-18, lower than the previous trough of USD 1.35 bn in 2010, Oil Minister Tarek El Molla announced on Thursday. Egypt intends to fully repay amounts owed to international oil companies by the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-08T04:11:32+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\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Arrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar year\",\"datePublished\":\"2018-07-08T04:11:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/\"},\"wordCount\":284,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"energy\",\"EnterpriseAM\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/08\/arrears-to-oil-producers-are-now-below-pre-2011-levels-el-molla-promises-no-more-subsidy-cuts-this-calendar-year\/\",\"name\":\"Arrears to oil producers are now below pre-2011 levels, El Molla promises no more subsidy cuts this calendar year - 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IOCs had raised investments in Egypt to\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621710,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/egypt-pays-dana-gas-usd-111-mn-in-arrears-in-9m2018\/","url_meta":{"origin":626634,"position":2},"title":"Egypt pays Dana Gas USD 111 mn in arrears in 9M2018","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"Egypt paid Dana Gas USD 111 mn in arrears owed in 9M2018, the company said in its earnings release on Wednesday (pdf). 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Egypt\u2019s arrears bill ballooned to USD 6.3 bn\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":641245,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/17\/iocs-raise-investments-in-egypt-to-usd-10-bn-this-year-el-molla\/","url_meta":{"origin":626634,"position":4},"title":"IOCs raise investments in Egypt to USD 10 bn this year - El Molla","author":"enterpriseam admin","date":"17 September 2017","format":false,"excerpt":"International oil companies have raised their investments in Egypt to USD 10 bn this year on the back of payments the government have been making to arrears it owes them, Oil Minister Tarek El Molla tells Al Borsa on Saturday. Arrears had fallen to USD 2.3 bn, the lowest it\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596965,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/arrears-owed-by-egypt-to-iocs-fall-to-usd-900-mn\/","url_meta":{"origin":626634,"position":5},"title":"Arrears owed by Egypt to IOCs fall to USD 900 mn","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"Arrears to IOCs fall to USD 900 mn, on track to be cleared by the end of the year: Arrears owed by Egypt to international oil companies have fallen to USD 900 mn as of the end of June, down from USD 1.2 bn a year ago, Oil Minister Tarek\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\/626634","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=626634"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626634\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626606"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626634"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626634"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}