{"id":627704,"date":"2018-06-10T04:13:04","date_gmt":"2018-06-10T04:13:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/finance-ministry-receives-seven-international-offers-for-fuel-hedging\/"},"modified":"2018-06-10T04:13:04","modified_gmt":"2018-06-10T04:13:04","slug":"finance-ministry-receives-seven-international-offers-for-fuel-hedging","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/finance-ministry-receives-seven-international-offers-for-fuel-hedging\/","title":{"rendered":"Finance Ministry receives seven international offers for fuel hedging"},"content":{"rendered":"

EXCLUSIVE- The Finance Ministry is reviewing seven offers of hedging services from international banks and institutions, <\/strong>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 two months\u2019 time. They did tell us, however, that the contracts would likely cover a three-year period, adding that one of the banks offered to cover the difference in case global oil prices rise above USD 70\/bbl. The sources also implied that the government may select more than one provider, adding that the choice will be determined based on the best average cut-off price and repayment terms offered.<\/p>\n

Background: <\/strong>We had suggested on Thursday<\/a> that the government might be in the market for a hedge after ministers agreed last week that the finance and oil ministries should begin talks with international banks to adopt unspecified \u201cmeasures\u201d to counter the rise in global oil prices seeing as next year\u2019s budget predicts an average price of USD 67\/bbl. Brent broke the USD 80\/bbl mark last month before retreating to just under USD 76 last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 two months\u2019 time. They did […]<\/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-627704","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1753dc30-b0b6-4064-b7be-066ae4073f23","order":"0","is_powered_by":true,"section_story_id":"2e5f08d5-5f53-476a-a6b5-f10e6288436e","story_type":"1","photo_url":"","photo_position":"above","related_issue":[627691],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry receives seven international offers for 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\/06\/10\/finance-ministry-receives-seven-international-offers-for-fuel-hedging\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry receives seven international offers for fuel hedging\" \/>\n<meta property=\"og:description\" content=\"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 two months\u2019 time. 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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":595781,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/","url_meta":{"origin":627704,"position":2},"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":628085,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/finance-ministry-committee-to-begin-reviewing-fuel-hedging-offers-in-july\/","url_meta":{"origin":627704,"position":3},"title":"Finance Ministry committee to begin reviewing fuel hedging offers in July","author":"enterpriseam admin","date":"25 June 2018","format":false,"excerpt":"FinMin committee to begin reviewing fuel hedging offers in July: A Finance Ministry committee tasked with studying offers for mechanisms of hedging against fuel price hikes will reportedly convene for the first time in early July to begin its review, a government source tells Al Shorouk. We reported earlier this\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":567892,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/","url_meta":{"origin":627704,"position":4},"title":"FinMin is hedging like it never hedged before","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Egypt has nearly doubled its oil hedging contracts so far this fiscal year, as the government looks to lock in the benefits of low oil prices, Finance Minister Mohamed Maait told Bloomberg. \u201cWe did a huge number of hedging contracts,\u201d Maait said without disclosing the value of the contracts. The\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\/2020\/12\/196.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":627704,"position":5},"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 "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\/627704","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=627704"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/627704\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/627691"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=627704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=627704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=627704"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=627704"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=627704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}