{"id":627243,"date":"2018-07-26T04:21:13","date_gmt":"2018-07-26T04:21:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/"},"modified":"2018-07-26T04:21:13","modified_gmt":"2018-07-26T04:21:13","slug":"madbouly-cabinet-signs-off-on-fuel-hedging","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/","title":{"rendered":"Madbouly Cabinet signs off on fuel hedging"},"content":{"rendered":"

<\/a> CABINET WATCH- The Madbouly Cabinet gave the Oil Ministry the greenlight to sign fuel hedging contracts with international banks <\/strong>at its weekly meeting yesterday. We had heard that seven offers were already on the table<\/a><\/u> and under review from institutions looking to provide Egypt with fuel hedging solutions to prevent higher oil prices from further straining the state budget, which assumes an average price of USD 67\/bbl. Brent crude prices had climbed to highs of over USD 80\/bbl in May. OPEC and non-OPEC member states agreed last month<\/a><\/u> to increase oil output as of July by 1 mn bpd, a move widely expected to ease upward pressure on prices, which have now retreated to around USD 68-70\/bbl. Sources said the ministry was after 2-3 year contracts and that the government was also considering hedging against global wheat price fluctuations.<\/p>\n

Also yesterday, the Madbouly Cabinet signed off on Egypt\u2019s agreement with Russia to establish the USD 7 bn Russian Industrial Zone (RIZ)<\/strong>. Contracts for the development of the RIZ were signed back in May<\/a><\/u> and officials had said last month<\/a><\/u> that they expect to announce progress soon, with talks already ongoing with companies including Volkswagen and Toyota to set up shop, in addition to a number of Russian investors who had come to Cairo earlier this year to explore available opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 higher oil prices from further […]<\/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-627243","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"73b9665e-f785-45bc-b42b-0efc3a63a890","order":"0","is_powered_by":true,"section_story_id":"dac287f6-54aa-4523-8b46-08b68f72d15c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[627236],"teaser":"","voice_url":""},"yoast_head":"\nMadbouly Cabinet signs off on fuel hedging - 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\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly Cabinet signs off on fuel hedging\" \/>\n<meta property=\"og:description\" content=\"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 higher oil prices from further […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-26T04:21:13+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\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Madbouly Cabinet signs off on fuel hedging\",\"datePublished\":\"2018-07-26T04:21:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/\"},\"wordCount\":227,\"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\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/\",\"name\":\"Madbouly Cabinet signs off on fuel hedging - 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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":597140,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/","url_meta":{"origin":627243,"position":2},"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":595781,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/","url_meta":{"origin":627243,"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 "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":627243,"position":4},"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. 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