3,000 oil workers demonstrated Sunday in front of the Ministry of Petroleum HQ in Nasr City, according to Tadamon.
No more details are available yet.
Tag: energy
Egyptian stock market continues to decline
From the Daily News Egypt:
Egypt’s bourse slid Wednesday for the seventh straight session led by construction and banking stocks, which were still reeling from the government move to cut tax breaks on energy-intensive firms and hike energy prices.
“The government’s decision to cut tax breaks [for energy-intensive firms in free zones] has helped drag down the market for a week now,” explained Teymour El Derini, trader at Beltone Financial. “We did not expect taxation, which weighed on the market.”
Egypt’s benchmark Case 30 index slightly dipped 0.7 percent to close at 10,665.82 points on Wednesday.
Israeli FM to attend World Economic Forum in Sharm
From AFP:
Israeli Foreign Minister Tzipi Livni will attend the World Economic Forum on the Middle East at the Red Sea resort of Sharm El-Sheikh in Egypt, a senior official said on Sunday.
In other news:
The prices of exported Egyptian gas will be reviewed, including the price of gas to Israel, the Ministry of Petroleum said.
Assistant Minister for Natural Gas Ismail Karrara reportedly told the local press that the ministry was intending to renegotiate all gas deals, including the Israeli one, to bring it in line with current world prices.
The controversial agreement to export gas to Israel was signed in 2005.
Karrara also denied that Egyptian gas was already flowing to Israel, despite press reports and Israeli statements to the contrary.
The assistant minister added that a new price for the Israeli deal had not been proposed yet, but in light of the increased oil and gas prices worldwide, Egypt would be looking to renegotiate deals with, amongst others, Spain and France.
Last week Members of Parliament had sought a motion of no confidence in Petroleum Minister Sameh Fahmy over the Israel gas deal.