Egypt petroleum agreement amendment expected to increase revenues by $250 million
The Egyptian Minister of Petroleum, Sameh Fahmi, was quoted recently in Al-Ahram, saying that the amendment of the Egyptian petroleum agreements with the foreign multinational oil companies will expand the treasury’s revenues by $250 million.
This amendment entails the selling of the foreign companies’ gas shares in Egypt to the Egyptian government for a price level 50 percent lower than embodied in the original agreements.
Last July, three multinational oil companies, British Petroleum (BP), the international Shell Company and the Italian Oil Company agreed to this adjustment. The government is currently conducting negotiations with four additional multinationals to accept this agreement amendment. –(Albawaba-MEBG)