Egypt

Egypt raised the prices of a. vast array of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third evaluation of its broadened $8 billion loan. programme for the country. The official gazette, citing the petroleum ministry, said. fuel prices increased by approximately 15% per litre, with 80 octane. rising to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most frequently used fuels, saw the most significant. increase, rising to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt raised the costs of a. large range of fuel items on Thursday, the official gazette. said, four days before the International Monetary Fund (IMF). conducts a third review of its broadened $8 billion loan. programme for the country. The official gazette, mentioning the petroleum ministry, said. petrol rates increased by up to 15% per litre, with 80 octane. increasing to 12.25 Egyptian pounds ($ 0.25), 92 octane to 13.75. pounds and 95 octane to 15 pounds. Diesel, one of the most commonly utilized fuels, saw the greatest. increase, increasing to 11.50 Egyptian pounds ($ 0.24) from 10. pounds. This...

Egypt's Prime Minister Mostafa Madbouly stated on Wednesday that prices of petroleum products will gradually increase up until the end of December 2025. Egypt currently invests billions on subsidising petroleum and energy costs for millions of consumers, which has been criticized a number of times by state officials in addition to economic experts, consisting of those of the International Monetary Fund ( IMF) that has just recently expanded its lending to Egypt. In April, the IMF approximated that Egypt's fuel aids ought to go down from EGP 331 billion ($ 6.8 billion) in 2024/2025 to EGP 245 billion ($ 5.1...

Egypt prepares to provide a buy tender seeking 1520 cargoes of melted natural gas (LNG) to cover heavy summer season need that had actually led to a wave of rolling blackouts and required short-term shutdowns of chemical and fertilizers plants, 4 industry sources informed . The most populous Arab country has actually returned to being an internet importer of natural gas, reversing its position as an exporter in recent years as part of a strategy to end up being a reputable supplier to Europe. Natural gas products that assist Egypt generate electrical power have been decreasing at a time when...

Afreximbank has disbursed $925. million to Nigeria's stateowned NNPC, part of a syndicated $3.3. billion unrefined oilbacked prepayment center, the African trade. bank said on Thursday. This brings the overall dispensation to Nigerian National. Petroleum Business (NNPC) to $3.175 billion, African. Export-Import Bank (Afreximbank) said. Afreximbank stated the deal was the largest crude-backed. facility in Nigeria and among the biggest syndicated financial obligations. raised in Africa. The pan-African lender had actually been tapping oil traders to. fund a $3 billion loan to Nigeria's state oil business after. the energy company approached it for the facility last August, to. assist the...

Major stock markets in the Gulf were suppressed in early trading on Tuesday in the middle of unpredictable oil prices, while investors looked forward to inflation data later this week for ideas on the course of U.S. rates of interest cuts. Oil prices, a driver for the Gulf's monetary markets, swept in between gains and losses as markets waited for an OPEC+. meeting on June 2. Brent edged as much as $83.18 a barrel by. 0800 GMT. The Federal Reserve's preferred step of inflation, core. individual intake expenses, due on Friday, will be. closely watched by investors for hints on...

Oil manufacturers Capricorn Energy and Pharos Energy stated on Thursday their money positions have enhanced after they got payments from the Egyptian federal government, enabling them to resume drilling in the country. Capricorn stated it got a total of $71 million from Egypt in the very first 4 months of 2024, while Pharos said it received $ 12.4 million. The ultimate goal in Egypt, and a potential significant catalyst for both business if it takes place, is if they have the ability to modify and consolidate license terms to unlock worth and speed up financial investment even more, Jefferies experts...

Asian area melted gas (LNG) prices increased this week to its greatest levels given that January, as heat throughout the region spurred more demand for the superchilled fuel, and as it tracked gains in European gas costs on the back of maintenance outages and lower wind output. The average LNG cost for July delivery into north-east Asia rose to $10.90 per million British thermal systems ( mmBtu), up from $10.50/ mmBtu in the previous week and its strongest levels considering that Jan. 5, market sources estimated. Asian provided rates have actually edged higher in the previous few days ... as...

Worldwide scores agency Fitch modified Egypt's outlook to positive from stable on Friday. The company affirmed Eygpt's ranking at 'B-', mentioning reduced external financing threats and more powerful foreign direct financial investment. In March, the International Monetary Fund authorized a broadened financial support of $8 billion for the North African nation. The IMF's loan programme with Egypt ought to assist the nation gradually decrease its financial obligation concern, an IMF authorities stated last month. In February, the nation likewise protected a $35 billion genuine estate investment from the United Arab Emirates to establish its Mediterranean coast stretch. Foreign financiers have...

The timeline for a. proposed pipeline linking East Mediterranean gas reserves to. Greece by means of Cyprus and Crete remains unpredictable as stakeholders. are evaluating its economic feasibility, delegates from Cyprus. and the East Mediterranean Gas Forum (EMGF) informed on. Friday. There is no concrete timeline right now, George. Papanastasiou, energy minister of Cyprus, told when. asked about a Last Financial Investment Decision (FID) on the so-called. EastMed task. Greece, Cyprus and Israel inked a handle 2020 to construct a. 2,000-kilometer (1,240-mile) subsea pipeline to move gas. from the eastern Mediterranean to Europe. FID on the job, which is approximated...

The United States has backed two Australianlisted unusual earths jobs with as much as $ 850 countless funding as Western countries develop a supply chain for the highly magnetic metals utilized in sectors from renewable energy to defence. Australian Strategic Materials said on Thursday it has actually received a letter of interest (LoI) for a financial obligation funding package of approximately $600 million from the U.S. Export-Import Bank ( EXIM) to support building of its Dubbo unusual earths project northwest of Sydney. The bank has actually likewise provided to $250 million in preliminary support for Australian-listed Meteoric Resources, which is...

Here are some factors that might affect Middle East stock exchange on Tuesday. has not validated the press reports and does not guarantee their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia shares hit 15-month high as traders wait for CPI * Oil constant as investors eye US inflation, OPEC report * PRECIOUS-Gold rates edge greater as essential United States inflation information looms * MIDEAST STOCKS-Gulf markets end mixed ahead of United States inflation data * Israeli forces press Gaza offensive from north and south * Erdogan defends Hamas, says members are being dealt with in Turkish hospitals * White House sees no...

Britain's FTSE 100 ended greater on Thursday after upbeat incomes from Unilever and British American Tobacco helped counter losses in precious metal miners on the back of a downturn in gold rates. The blue-chip FTSE 100 index closed up 0.4%,. rebounding from a three-month low hit previously in the session. Unilever climbed 6.2% to a near four-year high. after the Dove soap maker beat earnings price quotes for the first. half of the year, increased by durable pricing. While quarterly sales missed projections, the enhancement in. margins points the method to improved success later in the. year, said Chris Beauchamp,...

The majority of major stock markets in the Gulf increased in early trade on Tuesday, assisted by positive profits, while financiers looked for additional signs that the U.S. Federal Reserve might start to cut interest rates as soon as September. Dubai's primary share index got 0.4%, with blue-chip developer Emaar Properties rising 0.8%,. while Emirates Integrated Telecom advanced. 1.5%, following a sharp rise in second-quarter incomes. In Abu Dhabi, the index added 0.1%. The United Arab Emirates hopes to reactivate trade talks. with the European Union by the end of the year, the UAE trade. minister said on Monday, and...

Major stock markets in the Gulf dropped in early trading on Monday, tracking losses in international markets, as financiers wagered that the attack on U.S. presidential prospect Donald Trump made his victory more likely. Saturday's shooting at Trump's election rally raises his chances of recovering the White House and banking on his victory will increase, investors stated. Donald Trump was shot in the ear during a campaign rally Saturday after a major security lapse, an attack that will likely reshape this year's presidential race and fuel fears that the campaign might come down into political violence. Saudi Arabia's benchmark index...

Prices of antimony, a strategic metal used in flameretardants, batteries and munitions, are increasing to record highs as solar sector need outstrips supply, triggering a. broad deficit with little indication of alleviating, smelters and analysts. say. The rise in costs, which market individuals expect to. persist, highlights the West's vulnerability in depending on top. manufacturer China for essential minerals and could likewise force end-users. to find alternatives for some applications. Antimony ingot in China climbed to a record 127,500 yuan. ($ 17,588.88) per metric load on May 29, up 56% in 2024, data from. the Shanghai Metals Exchange revealed. European...

The U.S. must increase industrial ties with African nations to curb dependence on China for products of vital minerals, a. Washingtonbased think tank said on Tuesday. U.S. economic and national security depend on securing a. trustworthy supply of critical minerals, including from Africa,. the United States Institute of Peace stated in a report. The U.S. is nearly 100% reliant on foreign entities of. issue, mainly China, for essential critical minerals, it said, and. must develop own sources of supply to prevent being. shorthanded and susceptible to China's export curbs. Western mining business are lagging Chinese rivals in the. race to...

Investors reacted positively to the Federal Reserve's comments and the ongoing geopolitical tensions as they surveyed the major stock markets of the Gulf in the early trading on Thursday. Saudi Arabia's benchmark stock index rose 0.3% to close out two sessions of losses. The Saudi Arabian Mining Company stock, which had been down for the previous two sessions, gained 4.1% after the bourse introduced single stock option contracts. Allianz Saudi Fransi Cooperative Insurance also rose 0.3% after Abu Dhabi National Insurance Co acquired 51% of the insurer for 133.1 million dollars. Qatar Navigation rose 1.8%, while Industries Qatar increased 0.4%....