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Last update: Thu, 25 Aug 2016 12pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Egypt plans to end fuel subsidies within three years CAIRO: Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters on Tuesday. Struggling to revive its economy after an uprising in 2011 shook investor confidence and drove tourists and foreign investors away, Egypt has been trying to cut spending on subsidies because they eat into its state budget.Egypt has reached a staff level agreement with the International Monetary Fund (IMF) for a $12 billion three-year loan programme which is subject to final approval by the IMF executive committee. Disbursement is linked to progress on a variety of reforms including cuts in subsidies, the introduction of value-added tax (VAT) and a shift to a more flexible exchange rate regime. "What was agreed lately with the IMF delegation in Egypt is cancelling fuel subsidies within three years," one ...

Markets - Energy - Middle East & Africa

Libya's NOC says tanker will transfer oil from threatened port TRIPOLI: Libya's National Oil Corporation (NOC) said on Thursday that rival forces had agreed to let a tanker dock at Zueitina port to load oil and take it to a safe place. The NOC expressed concern earlier this month after reports of possible clashes between the Petroleum Facilities Guard (PFG) and forces loyal to eastern commander Khalifa Haftar. The PFG has signed a deal to end its blockade of Zueitina and two other ports with ...

Markets - Energy - Middle East & Africa

Three-week South African fuel strike ends as union signs new pay offer CAPE TOWN: South Africa's petroleum industry and striking workers agreed to a new two-year wage deal on Wednesday, ending a three-week strike that caused limited supply disruptions, an official representing employers said. Around 15,000 striking workers affiliated to Chemical, Energy, Paper, Printing, Wood and Allied Workers union (CEPPWAWU) agreed a 7 percent wage increase this year and an April CPI plus 1.5 percent hike in the second year, said Zimisele Majamane, the deputy chairman of ...

Markets - Energy - Middle East & Africa

South African fuel strike ends as union signs new pay offer CAPE TOWN: South Africa's petroleum sector employers and striking workers signed a new two-year wage deal on Wednesday, ending a three-week strike that caused limited supply disruptions, an official representing employers said. Around 15,000 striking workers affiliated to Chemical, Energy, Paper, Printing, Wood and Allied Workers union (CEPPWAWU) went on strike at refineries and fuel depots operated by BP, Shell, Chevron and Sasol , among others.The two parties agreed a 7 percent wage increase this ...

Markets - Energy - Middle East & Africa

North Sea Crude-Output to reach two-year low in Sept LONDON: North Sea output will hit a two-year low in September due to field maintenance, according to loading programmes, tightening the market. There are signs that a build-up of Forties held on VLCCs off the UK coast is easing, potentially helping to support differentials. Two such vessels, Gener8 Ulysses and Orthis, have left for Rotterdam in recent days, according to shipping data. At least one other VLCC of Forties, Maran Thetis, is still close to ...

Markets - Energy - Middle East & Africa

Iran's crude oil exports above 2.1mn bpd in July: SHANA DUBAI: Iran's crude oil exports in July were more than 2.1 million barrels per day, the oil ministry's news agency SHANA cited a senior Iranian oil official as saying on Wednesday.Director of the International Affairs Department at National Iranian Oil Company (NIOC) Mohsen Ghamsari told SHANA the total amount of crude and gas condensate exports by Iran reached 2.740 million bpd in July. He said 600,000 bpd out of that figure were condensate exports."Exports of ...

Markets - Energy - Middle East & Africa

Ghana's GNPC says prepared to sell oil from new field to local refinery ACCRA: State-owned Ghana National Petroleum Corporation (GNPC) is prepared to sell crude from the new TEN field to the country's sole oil refinery in a bid to boost national supply, its chief executive Alex Mould told Reuters on Tuesday. Ghana holds a 20 percent stake in the Tweneboa, Enyenra and Ntomme offshore field, which is due to produce its first oil on Thursday and aims for average production of 80,000 barrels per day. Copyright Reuters, ...