{"id":632917,"date":"2018-02-22T04:17:07","date_gmt":"2018-02-22T04:17:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/22\/oil-ministry-gets-even-nicer-with-industry-with-a-new-debt-relief-initiative\/"},"modified":"2018-02-22T04:17:07","modified_gmt":"2018-02-22T04:17:07","slug":"oil-ministry-gets-even-nicer-with-industry-with-a-new-debt-relief-initiative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/22\/oil-ministry-gets-even-nicer-with-industry-with-a-new-debt-relief-initiative\/","title":{"rendered":"Oil Ministry gets even nicer with industry with a new debt-relief initiative"},"content":{"rendered":"

Oil Ministry gets even nicer with industry with a new debt-rescheduling initiative:<\/strong> The Oil Ministry has approved a new initiative which would reschedule payments owed by manufacturers in arrears to state-owned natural gas providers, said minister Tarek El Molla in a statement on Wednesday (pdf)<\/a>. Businesses with overdue payments for gas they consumed in excess of their contracted annual amounts will be allowed to pay the ministry in installments over a five-year period. Interest payments to the ministry could be eliminated entirely if they pay the ministry back immediately. Interest payments would be reduced 80% for those who make full payment in the first year.<\/p>\n

The move is part of a series of incentives and debt-relief measures <\/strong>announced this week<\/strong><\/a> that are meant to encourage investment in industry, but which also appease manufacturers who have been calling for gas prices to be reduced. Other measures announced include eliminating a 2.5% surcharge on manufacturers\u2019 overdue bills to EGAS and setting a lower insurance fee that requires producers to pay a deposit covering 30 rather than 60 days of consumption.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil Ministry gets even nicer with industry with a new debt-rescheduling initiative: The Oil Ministry has approved a new initiative which would reschedule payments owed by manufacturers in arrears to state-owned natural gas providers, said minister Tarek El Molla in a statement on Wednesday (pdf). Businesses with overdue payments for gas they consumed in excess […]<\/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-632917","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a7367d65-f33d-44a2-881d-d358169aa5e6","order":"0","is_powered_by":true,"section_story_id":"5b5d5970-5c95-4951-8d63-97b1948c4b11","story_type":"1","photo_url":"","photo_position":"above","related_issue":[632905],"teaser":"","voice_url":""},"yoast_head":"\nOil Ministry gets even nicer with industry with a new debt-relief initiative - 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\/02\/22\/oil-ministry-gets-even-nicer-with-industry-with-a-new-debt-relief-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil Ministry gets even nicer with industry with a new debt-relief initiative\" \/>\n<meta property=\"og:description\" content=\"Oil Ministry gets even nicer with industry with a new debt-rescheduling initiative: The Oil Ministry has approved a new initiative which would reschedule payments owed by manufacturers in arrears to state-owned natural gas providers, said minister Tarek El Molla in a statement on Wednesday (pdf). 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