Egypt’s business digest July 14: BP starts drilling first deep target exploration gas well in El Matariya; No increase of imported, domestic cigarette prices- official
A BP logo is seen at a petrol station in London, Britain January 15, 2015. REUTERS/Luke MacGregor/File Photo
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CAIRO: No more browsing from site to site, view the top business news stories of Egypt on July 14.

BP starts drilling first deep target exploration gas well in El Matariya

The British Petroleum (BP) group has started in May drilling the first drilling of the first deep target exploration gas well (Mocha-1) in El Matariya onshore concession area in the Nile Delta, Youm7 reported an official from the Egyptian Ministry of Petroleum Thursday.

The company drills a large number of exploratory wells, developmental and evaluative processes, in light of implementing a strategic plans in collaboration with the Ministry of Petroleum to expand research and exploration, for 2016, to increase Egypt’s production of crude oil and gas.

 

No increase of imported, domestic cigarette prices: official
President of Smoke Division of the Federation of Egyptian Industries, Ibrahim Imbabi stated that no decision has recently been taken to increase the price of imported and domestic cigarette. He noted that the retail merchants have increased the price in the markets.

Prices of certain kinds of imported cigarette have seen, the last few days, an increase in prices up to 4 EGP.

In February 2015, Egypt raised sales taxes on both local and imported cigarettes by 50 percent per a presidential decree. In July 2014, President Abdel Fatah al-Sisi raised taxes on local and imported cigarettes and alcoholic beverages by up to 200 percent.

 

Egypt’s Minister of International Cooperation sign two agreements Thursday
Egypt’s Minister of International Cooperation Sahar Nassr will sign two agreements Thursday; the first will be a cooperation protocol with MENA Transition Fund, in cooperation with the European Bank for Reconstruction and Development (EBRD), according to a statement from the Ministry.
The second agreement will be signed letters to extend working of a cooperation of memorandum of understanding that was signed with Spain in 2008.

 

CBE puts forwards treasury bills totaling 10.2 b EGP Thursday
The Egyptian Bank of Egypt (CBE) will put forward Thursday Treasury Bills (T-Bills) totaling 10.2. The T-bills are to be offered in two installments; the first valued at 4.7 billion EGP with 182-day term, while the second worth 5.5 billion EGP with a 357-day term.

 

Egypt’s pound steady against U.S. dollar Saturday
Central Bank of Egypt (CBE) held Wednesday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8571 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported. In the black market, the Egyptian purchase the dollar for 10.93 EGP, and sell it for 11 EGP.

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