{"id":630833,"date":"2018-03-04T04:11:13","date_gmt":"2018-03-04T04:11:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/04\/egypt-could-join-opec-after-2019-el-molla\/"},"modified":"2018-03-04T04:11:13","modified_gmt":"2018-03-04T04:11:13","slug":"egypt-could-join-opec-after-2019-el-molla","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/04\/egypt-could-join-opec-after-2019-el-molla\/","title":{"rendered":"Egypt could join OPEC after 2019 -El Molla"},"content":{"rendered":"

<\/a> With gas secured, Oil Ministry takes aim at fuel:<\/strong> Egypt plans to close the supply deficit for fuel and petroleum products within three years, Oil Minister Tarek El Molla said in an interview with Mehwar TV\u2019s Akher El Osboo\u2019 program (watch, runtime: 2:19<\/a>). The ministry plans to close this 35% deficit by building up refining capacity, a cheaper alternative than importing petroleum products, he added.<\/p>\n

This comes as El Molla announced that Saudi Aramco agreed to supply Egyptian refineries with crude oil for six months<\/strong> beginning from January 2018. \u201cAramco will supply 500k barrels per month of crude oil to Egyptian refineries, El Molla told Reuters<\/a> on Thursday.<\/p>\n

Have we already begun exporting fuel to Europe?<\/strong> State-owned EGPC has begun exporting bunker fuel to Europe as Egypt's generation needs are now being met by domestic natural gas supply from Zohr and the West Nile Delta, traders tell S&P Global\u2019s Platts<\/a>. The EGPC offered 25,000 tonnes of bunker fuel in international tenders over the last few weeks. \u201cEgypt used to import much more fuel oil than now,\u201d a trader said. Egypt\u2019s last import tender was for three shipments of 30,000-45,000 tonnes of fuel oil back in October.<\/p>\n

Egypt could be a member of OPEC at some point in the future, <\/strong>El Molla told Bloomberg TV<\/a> in a separate interview. El Molla said Egypt was not in a place to join OPEC members in output cuts because it remains a net-importer, but \u201cwe were supporting,\u201d he says. The minimum Egypt would do is cooperate with OPEC, the maximum would be becoming a member of the cartel, he explained. El Molla does not think it would happen as soon as this year and thinks it would be an option after Egypt completes its \u201creform journey\u201d from 2019 and on. The Oil Minister added that the current oil price of USD 60-70 per bbl is \u201cgood\u201d for Egypt and encouraging of investment in the sector (runtime 05:01).<\/p>\n

With that long-term goal in mind, the Oil Ministry plans to hold an oil exploration tender in 2H2018<\/strong>, El Molla said, without adding any details, Ahram Gate reports<\/a>. EGAS had announced that it too plans to hold an international gas exploration tender for nine blocks before the end of 1H2018.<\/p>\n","protected":false},"excerpt":{"rendered":"

With gas secured, Oil Ministry takes aim at fuel: Egypt plans to close the supply deficit for fuel and petroleum products within three years, Oil Minister Tarek El Molla said in an interview with Mehwar TV\u2019s Akher El Osboo\u2019 program (watch, runtime: 2:19). The ministry plans to close this 35% deficit by building up refining […]<\/p>\n","protected":false},"author":1,"featured_media":630834,"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-630833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b250893e-7eca-4a44-a21c-e09876beff22","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/267.png","photo_position":"above","related_issue":[630827],"teaser":"","voice_url":""},"yoast_head":"\nEgypt could join OPEC after 2019 -El Molla - 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\/03\/04\/egypt-could-join-opec-after-2019-el-molla\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt could join OPEC after 2019 -El Molla\" \/>\n<meta property=\"og:description\" content=\"With gas secured, Oil Ministry takes aim at fuel: Egypt plans to close the supply deficit for fuel and petroleum products within three years, Oil Minister Tarek El Molla said in an interview with Mehwar TV\u2019s Akher El Osboo\u2019 program (watch, runtime: 2:19). 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The long-awaited regs would effectively open the door for the private sector to import, produce, and distribute gas, turning the state into a\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":600892,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/13\/egypt-reveals-winners-of-oil-and-gas-bid-round\/","url_meta":{"origin":630833,"position":4},"title":"Egypt reveals winners of oil and gas bid round","author":"enterpriseam admin","date":"13 February 2019","format":false,"excerpt":"The deluge of oil and gas news continues thanks to the second day of the Egypt Petroleum Show. Key takeaways from the second day of the gathering are below, and you can check our wrap-up of day one here. Shell wins big in oil and gas bid rounds, ExxonMobil 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\/2022\/9\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":635958,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/18\/government-to-honor-historical-gas-export-contracts\/","url_meta":{"origin":630833,"position":5},"title":"Government to honor historical gas export contracts","author":"enterpriseam admin","date":"18 December 2017","format":false,"excerpt":"The Sisi administration plans to honor all export contracts Egypt signed before the nation became a net importer of gas back in 2012, said Oil Minister Tarek El Molla, Al Shorouk reports. The statement appears to signal that the government plans to use influx of gas from Zohr, which it\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\/630833","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=630833"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630833\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630827"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/630834"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630833"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630833"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}