Egypt’s Business digest July 26: Egypt tenders to import 3-4 LNG cargoes monthly;  Egypt signs 2 agreements to explore gas, oil in Upper Egypt
Natural gas (LNG) shipment
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CAIRO: No more browsing from site to site, view the top business news stories on July 26 here:

Egypt tenders to import 3-4 LNG cargoes monthly: official

The Egyptian Natural Gas Holding Co (EGAS) will soon offer an international tender to import a number of cargoes of liquefied natural gas (LNG), Youm7 reported official from Egyptian Ministry of Petroleum.

He added that the tender terms include sending 3-4 cargoes monthly to feed the third re-gas compound in Ain Sokhna for electricity.

 

Egypt signs 2 agreements to explore gas, oil in Upper Egypt

Minister of Petroleum and Mineral Resources Tariq Al-Mulla signed Tuesday two new agreements for oil and gas exploration in Upper Egypt’s El Baraka field of Aswan, Youm7 reported the Ministry’s statement.

The Ministry’s Ganoub El Wadi Petroleum Holding Co signed the agreements with the U.S. Energy Business Review (EBR) and a Cypriot company to explore three wells in the area.

 

Egypt signs Letter of Understanding on Japanese grant of $18 million for E-JUST

Egyptian Minister of International Cooperation Sahar Nasr signed Tuesday a Letter of Understanding on a Japanese grant of $18 million to the Egypt-Japan University of Science and Technology (E-JUST),, which was established in Cairo in 2009.

 

Egypt’s stock market faces selling pressure amid weakening of pound

(Reuters)- The stock market index faces selling pressure as the Egyptian pound weakened to an unprecedented 13 to the dollar on the black market on Monday amid expectations for a devaluation.

Although economists expect Egypt’s central bank to keep interest rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting, further hikes are not ruled out if the currency continues to get knocked down.

 

CBE to pump $120 mln into domestic banks Tuesday

The Central Bank of Egypt (CBE) will pump Tuesday around $120 million into domestic banks, amid expectation of further devaluation of Egyptian pound against the U.S. dollar, Youm7 reported.

The value of Egyptian pound declined against U.S. dollar scale Monday in the black market, Youm7 reported; the Egyptians purchase the dollar for 12.60 EGP, and sell it for 12:40 EGP.  The CBE held the value of the Egyptian at 8.8571 against the U.S. dollar for purchase in the banks.

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