CAIRO, July 5 (Reuters) - Egypt has raised the prices it pays Eni (NYSE: E - news) and Edison for the natural gas they produce in the country, an official with state-owned gas company EGAS said on Sunday.
The agreements mark the latest move by Egyptian authorities to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country.
"(The oil ministry) signed a deal that amended the price for gas with Eni to a maximum $5.88 for every million British thermal unit and a minimum of $4, based on amounts produced. This is up from $2.65," the EGAS official told Reuters on condition of anonymity.
The official said that another deal had been signed with Edison for a price of $5.88 per million British thermal units, up from $2.65.
Reuters could not immediately reach the companies for comment.
The amended prices will apply to gas produced from new discoveries, the official said.
Egypt last month signed a $2 billion exploration deal with Eni.
Oil minister Sherif Ismail told Reuters in March that Egypt had agreed to pay BP and RWE Dea more for their Egyptian production. (Reporting by Abdel Rahman Adel; Writing by Shadi Bushra and Yara Bayoumy; Editing by David Goodman)
Tibbs - Interesting timing with the USA closed for 4th July, don't you think.? It's the sort of stroke they usually pull. If there are consequences with the Nikkei as a result we might see rapid contagion. - With all of the markets precariously balanced on a foundation of crazy valuations, could this be the snowflake that causes the avalanche? Next week could be interesting!
Wish out regulators had the same balls! BEIJING/SHANGHAI (Reuters) - China froze share offers and set up a market-stabilization fund on Saturday, the Wall Street Journal said, as Beijing intensified efforts to pull stock markets out of a nose-dive that is threatening the world's second-largest economy.
Beijing's reported suspension of initial public offers (IPOs) came a few hours after extraordinary announcements by major brokers and fund managers, which collectively pledged to invest at least $19 billion of their own money into stocks.
China's government, regulators and financial institutions are now waging a concerted campaign to prop up the nation's two main share markets, amid fears that a meltdown would rock the financial system and inflict heavy losses across an economy where annual growth is already running at a 24-year low.
Almost $3 trillion in market value - more than the entire economic output of Brazil - has been wiped out since markets went into reverse last month, posing a bigger headache for many global investors than even the Greek debt crisis.
The main Shanghai Composite Index has lost around 30 percent of its value in three weeks, a dramatic end to an equally breathtaking rally that saw it more than double in just seven months, fuelled by official interest-rate cuts.
The sell-off is especially worrying because the bull market had been built on a mountain of speculative loans. Some analysts suggest total margin lending, both formal and informal, could add up to around 4 trillion won ($3.6 billion).
The stock markets are dominated by retail investors.
China's top brokerages said on Saturday they would collectively buy at least 120 billion yuan ($19.3 billion)
of shares - a pledge that, according to the Wall Street Journal, would form part of Beijing's new stabilisation fund.
Separately on Saturday, 25 Chinese mutual funds announced they too would put their own capital into stocks.
The fund managers did not give a figure but said they would invest into their own funds, alongside their customers.
Later, 28 Chinese firms announced in individual statements they would suspend their own IPO plans due to market volatility. They did not mention any central decision to halt IPOs.
The securities regulator had already said on Friday it would reduce the number of IPOs and other capital-raisings.
The freezing of IPOs can lend support to a falling market because large amounts of money are frozen when subscriptions are taken, drying up liquidity in the market. Large IPOs have been cited as a reason for triggering the recent plunge.
Beijing has unleashed a barrage of official policy moves over the past week, including an interest rate cut, a relaxation of margin-lending rules and additional bank liquidity.
But these efforts have so far failed to convince investors.
Hong Hao，strategist at BOCOM International，doubted the move by brokers alone would be enough
Don't worry about Sukari, ISIL or whoever won't get near it! Siko told us last year that there is actually a number of military camped close to Sukari and the mine is deep in a militarised zone anyway! My man assures me that we have nothing to worry about regarding security at Sukari and not only is Siko keeping an eye on things, and that old dog Mac is actually working in the area so we are well covered! If you like anything that my wife has on her website or in her publications plays etc.. then don't be afraid to contact her she always likes to hear or help other writers!
Don't know if you are interested but there is a promotion on my wife's books The Exiles of Ondd at the moment,basically you get the first book free if you are buying the second in the series, the code to get the free offer is on her website. Thanks for looking and thank you to everyone else for allowing me to post off subject! Tibbs
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I should not expect any effect on Monday as this operation has been going since Wednesday morning. ISIS attacked some military check points on Wednesday and the army fought back and some casualties were reported from both sides (no one knows the actual numbers), and since then the army has been reporting strikes everyday. Also this is very far from Sukari as most people probably know.
Reports that Egyptian Aircraft have carried out air-strikes against ISIL forces in Sinai after clashes on the ground. - I don't know how far it is from the Sinai pensinsular across the leg of the Red-sea to Sukari, a fair distance I suspect, but it's just another factor to keep an eye on and take into consideration. - Stable political jurisdiction is an important criteria used by institutional investors and this is certainly reflected in the current SP, even without the ISIL effect. - We'll have to wait until Monday to see what effect, if any, this latest news might have.
Thanks for that interesting post,I am gong to save it as it will be good to refer back to! I think many of our annalists are pretty lame anyway, just like the FCA, they are all in a bent system and don't want to sort it out because that would require real effort and might expose how many of their mates and firms are bent!
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