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Oil up More Than Us$1 After Saudi's Asia Price Hike THE MIDDLE EAST THE MIDDLE EAST OBSERVER OBSERVER IS YOUR LUCKY CARD THE PUBLISHER: AHMED FODA CHIEF EDITOR: H.A. RAOUF FOR A SUCSSEFUL BUSINESS MIDDLE EAST COUNSELORS: YASMIN FODA AHMED SHAFIK MAHMOUD FODA Yearly Subscription :- N.M.M. RASHED Egypt - LE 275 Dir. of Public Relations: Arab Countries US$ 375 KAMAL MOKHTAR Head Office : 41, Sherif St., Cairo, Egypt Abroad US$ 420 Tel.: 23939732 - 23926919 Head Office : 41, Sherif St., Cairo, Egypt Fax : 23939732 Tel.: 23939732 - 23926919 Mob. : 01006670340 Fax : 23939732 Emails : [email protected] Mob. : 01006670340 Website : http:www.meobserver. Emails : [email protected] net/home.html Website : http:www.meobserver. Email : [email protected] net/home.html 62nd YEAR No. 14 & 15 CAIRO WEDNESDAY, APRIL 8 & 15, 2015 ESTABLISHED 1945 Printed at Societe Orientale de Publicite Email : [email protected] (S.O.P.) - Cairo - Egypt Flash WE AND THE WORLD OIL UP MORE THAN US$1 AFTER SAUDI'S ASIA PRICE HIKE ON THE EDGE Ahmed Foda It seems that the world is on the verge of WWIII, one that seems to be approaching the Middle East, its winds blowing from USA; which seems to have miscalculated the strength of Asian countries, mistaking them for Russia; that is going through one of its down phases?. What is taking place in the Middle East could be the extension of a fire igniting somewhere else? It is evident that Saudi Arabia is tar- geted by parties that seek to sabo- tage the Middle East, and drag it into chaos; parties that are totally unaware of the damage awaiting the region in case of further escala- tion?I dare that heading these par- ties is Iran. This said, I wish to express my concern about Pakistan joining in the Gulf war against terrorist groups, as this might add oil to the fire, and then the flames will spread out of its currently contained region, and is bound to engulf much more than planned, taking the war to more serious levels. Levels Increasing Demand of Oil. that threaten to take the world a step closer to WWIII, which as Oil futures climbed more than US$1 a ly not happen before 2016. "While clearly on Friday as markets were closed for the SUEZ DRY DIGGING WORK NEARING speculated no one knows its barrel last Monday, after Saudi Arabia a bearish headline, a final deal and full start of the Easter holiday. parameters. raised prices for crude sales to Asia for a lifting of sanctions still faces a number of Despite the sanctions on Iran, China's COMPLETION second month, signalling better demand in obstacles," Morgan Stanley analysts said imports from the OPEC producer are set The dry digging work at the New Suez Canal project, the region. in a note. Even if a final deal is reached, we to rise from August as a Chinese state trad- which involved around 20,000 workers and 80 companies, International benchmark Brent regained do not expect any physical market impact er has signed a deal with the National is due to be completed next week, said a report. ground after tumbling as much as 5 per before 2016," the analysts said. Iranian Oil Company to buy more conden- The move is aimed at increasing the Suez Canal’s capacity cent last Thursday, when a preliminary Brent crude for May delivery LCOc1 sate. to 97 passing ships per day, up from the current rate of 49 per nuclear deal was finally reached between touched a high of $56.19 (38 pounds) a The world's top exporter Saudi Arabia day, the state-owned news agency MENA reported. world powers and Iran. More Iranian oil barrel and was up $1.19 from Thursday at kept output steady and cut its official sell- The project, which kicked off last year, will soon see a new could enter global markets if that is fol- $56.14. US crude for May delivery CLc1 ing prices (OSPs) sharply late last year in 72km-long canal being dug alongside the original. It would lowed by a comprehensive deal by June. was $1.21 higher at $50.35 a barrel, after a fight for market share during a global involve 35km of dry digging and 37km of “expansion and But analysts warned a ramp-up in earlier touching $50.48. There was no set- supply glut. deep” digging, the report said. exports could take months and would like- tlement in either Brent or US crude futures (Cont. on page 5) Once the project gets ready, the canal revenues are bound to Gen. Sedky Sobhy in his way to increase by 259 per cent, up from current annual revenues of PRESIDENT SISI : STATE BUDGET CAN LAGARDE HIGHLIGHTS EGYPT'S POTENTIAL $5 billion, it added. Pakistan. NOT FINANCE THE ESTABLISHMENT OF AND SAYS IMF READY TO HELP We need to keep in mind that THE NEW CAPITAL arms manufacturers are working President Abdel Fattah El Sisi has stressed the importance of International Monetary Fund chief Christine Lagarde last Saturday praised Egypt's March economic summit and expressed belief in the country's potential to day and night to provide the Gulf observing interests of the limited income and marginalized cate- war with enough ammunition, and gories in the underway national projects, saying that the state gen- achieve growth, saying the IMF is ready to offer help to the country in all possible ways. that the Middle East military arse- eral budget should not be overburdened with the costs of the new nal is getting packed?.such a situa- administrative capital, which will be carried out through invest- In a letter sent to the Egyptian President, Abdel-Fattah El-Sisi, Lagarde lauded the num- ments that will be injected from abroad. ber of deals and agreements reached at the Sharm El-Sheikh summit, according to Al- tion at this dangerous point I find Ahram's Arabic website. Lagarde also, commended recent legal amendments made in quite scary. LE37B. IN SUBSIDY TO SUPPLY Egypt, and the government's plan to achieve economic stability. "Egypt has the capabilities Al Ahram mentioned that the COMMODITIES IN THE BUDGET to achieve the aspirations of its people in a comprehensive strong development process," current war in Yemen will deter- Minister of Supply, Dr. Khaled Hanafi, said that the subsidies she said in the letter. Lagarde was one of the speakers at the three-day economic summit mine the future status of the bal- appropriations for the supply commodities of the coming fiscal last month. Egypt signed deals worth a total of $60 billion during the conference, Egyptian ance of power, relationships, and year 2015/2016 will not be more than those of the past year, ie LE Prime Minister Ibrahim Mahlab said at the closing ceremony. interactions in this part of the 37 billion. The Minister expects that those subsidies are likely to Investment deals worth $36.2 billion were signed, Mahlab said, in addition to $18.6 bil- world. This part of the world; the decline due to the current measures the Ministry of Supply have lion for engineering, procurement and construction (EPC) contracts and loans totalling $5.2 Prime Minister Mahlab visiting Rashid - Behaira’s petroluem projects. renowned Arab world seems to be already adopted. billion. Egypt's wealthy Gulf allies Saudi Arabia, the United Arab Emirates, Kuwait and witnessing an unfolding plan, one Oman pledged an additional $12.5 billion in aid and investments. EGYPTIAN ELECTRICITY HOLDING that no one can foretell its repercus- 50 BUSINESSMEN FROM MEGA AZERBAIJANI COs TO PM INSPECTS RASHID PETROLEUM sions. COMPANY (EEHC) VISIT EGYPT WITHIN COMING MONTHS CO. IN BEHIRA Ahmed Foda UPPER EGYPT ELECTRICITY A delegation grouping 50 Businessmen from mega Azerbaijani companies will pay Prime Minister Ibrahim Mahlab inspected Monday PRODUCTION COMPANY (UEEPC) a visit to Egypt within the upcoming few months to explore available investment Rashid Petroleum Company and inaugurated a number of Comment opportunities in Egypt and carry out new projects in co-operation with the Egyptian SOUTH HELWAN SUPERCRITICAL new Petroleum finds. EGYPT PLANS TO private sector. During his visit to Rashid Petroleum Company (Rashpetco), SECURE OIL SUPPLY POWER PLANT 3x650MW The two sides stressed the importance of boosting trade and economic ties along Mahlab was briefed on the company’s activities. DISTRIBUTED CONTROL SYSTEM with exploring available investment opportunities in Egypt and Azerbaijan. In addition, officials at Rashid Petroleum Company said that WITHIN PRICES FALL EGYPT TO LIST 2 OIL COs WITHIN TWO WEEK nine phases to develop petroleum finds in the West Delta area Amid the global fall in oil prices (DCS) Egypt will list two public sector oil companies on the Egyptian Stock Exchange (EGX) have been accomplished. over the past seven months, the Procurement Notice No. (13/2015) within two weeks’ time out of 4 companies according to the government plan, They also said that investments in this area estimated at $12 revenues in many energy export- The Government of Egypt has Secured for a Loan from The billion. ing nations have fallen also, while Investment Minister Ashraf Salman stated Monday. In related context, Egypt has a well-devised future energy International Bank for Reconstruction and Development Speaking at the American Chamber of Commerce, Salman said that the details of the many importing countries are (IBRD) toward the cost of South Helwan Supercritical Power strategy that will make it by 2020, or even before, export gas likely to have to pay less, a matter initial Public Offerings (IPOs) for the four companies would be announced within two with the new finds, Mahlab said. Plant 3x650 MW and intends to apply part of the proceeds weeks’ time.
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