1st of November, 2012
First Bid for Gas Importation Licenses
Keywords: Oil & Gas and Mineral Resources, Commercial
The Minister of Petroleum, Osama Kamal, has announced the approval of the Cabinet on the memorandum presented by the Egyptian Natural Gas Holding Company (“EGAS”) to grant licenses for the importation of natural gas. The licenses will be issued for a specific period of time and for fees, to be paid to the government in exchange for using the national grid to transfer the gas.
The Minister of Petroleum said the importation of the gas is required in particular considering the needs of the petrochemical projects and the cement factories. The Industrial Development Authority has issued new permits for cement factories.
EGPC To Receive Financing.
On Monday 1 October 2012, the government of Egypt signed a treaty under which the International Islamic Foundation, member of the Islamic Development Bank Group, would finance the Egyptian Petroleum Company (“EGPC”) by an EGP 1.4 billion on the basis of an Islamic Murabaha structure.
Furthermore, a framework convention was signed between the government of Egypt and the International Islamic Trade Finance Foundation, with a term of 3 years under which EGPC can receive finance of up to USD 200 million annually for importing petroleum products from the member countries of the Organization of Islamic Cooperation. According to the framework convention, all the finance agreements to be entered under the umbrella of the framework convention should be shari’a complaint.
Sharkawy & Sarhan deems these as positive steps towards solving the liquidity issues faced by EGPC
The Minister of Petroleum said the importation of the gas is required in particular considering the needs of the petrochemical projects and the cement factories. The Industrial Development Authority has issued new permits for cement factories.
EGPC To Receive Financing.
On Monday 1 October 2012, the government of Egypt signed a treaty under which the International Islamic Foundation, member of the Islamic Development Bank Group, would finance the Egyptian Petroleum Company (“EGPC”) by an EGP 1.4 billion on the basis of an Islamic Murabaha structure.
Furthermore, a framework convention was signed between the government of Egypt and the International Islamic Trade Finance Foundation, with a term of 3 years under which EGPC can receive finance of up to USD 200 million annually for importing petroleum products from the member countries of the Organization of Islamic Cooperation. According to the framework convention, all the finance agreements to be entered under the umbrella of the framework convention should be shari’a complaint.
Sharkawy & Sarhan deems these as positive steps towards solving the liquidity issues faced by EGPC
First Bid for Gas Importation Licenses
1 November, 2012
Keywords: Oil & Gas and Mineral Resources, Commercial
The Minister of Petroleum, Osama Kamal, has announced the approval of the Cabinet on the memorandum presented by the Egyptian Natural Gas Holding Company (“EGAS”) to grant licenses for the importation of natural gas. The licenses will be issued for a specific period of time and for fees, to be paid to the government in exchange for using the national grid to transfer the gas.
The Minister of Petroleum said the importation of the gas is required in particular considering the needs of the petrochemical projects and the cement factories. The Industrial Development Authority has issued new permits for cement factories.
EGPC To Receive Financing.
On Monday 1 October 2012, the government of Egypt signed a treaty under which the International Islamic Foundation, member of the Islamic Development Bank Group, would finance the Egyptian Petroleum Company (“EGPC”) by an EGP 1.4 billion on the basis of an Islamic Murabaha structure.
Furthermore, a framework convention was signed between the government of Egypt and the International Islamic Trade Finance Foundation, with a term of 3 years under which EGPC can receive finance of up to USD 200 million annually for importing petroleum products from the member countries of the Organization of Islamic Cooperation. According to the framework convention, all the finance agreements to be entered under the umbrella of the framework convention should be shari’a complaint.
Sharkawy & Sarhan deems these as positive steps towards solving the liquidity issues faced by EGPC
The Minister of Petroleum said the importation of the gas is required in particular considering the needs of the petrochemical projects and the cement factories. The Industrial Development Authority has issued new permits for cement factories.
EGPC To Receive Financing.
On Monday 1 October 2012, the government of Egypt signed a treaty under which the International Islamic Foundation, member of the Islamic Development Bank Group, would finance the Egyptian Petroleum Company (“EGPC”) by an EGP 1.4 billion on the basis of an Islamic Murabaha structure.
Furthermore, a framework convention was signed between the government of Egypt and the International Islamic Trade Finance Foundation, with a term of 3 years under which EGPC can receive finance of up to USD 200 million annually for importing petroleum products from the member countries of the Organization of Islamic Cooperation. According to the framework convention, all the finance agreements to be entered under the umbrella of the framework convention should be shari’a complaint.
Sharkawy & Sarhan deems these as positive steps towards solving the liquidity issues faced by EGPC
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