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Tuesday, July 7, 2015
EGAS, Egypt’s state-owned natural gas firm has increased the price it pays for natural gas to some international producers receive. An EGAS official said it raised the prices it pays to ENI and Edison for the gas they produce in the country.
“The oil ministry signed a deal that amended the price for gas with ENI to a maximum $5.88 for every million BTU and a minimum of $4, based on amounts produced. This is up from $2.65,” the EGAS official told Reuters on condition of anonymity.
This is not the first time that the government has upped the price paid for natural gas this year, in March it was revealed that the Ministry of Petroleum signed an agreement to raise the price it pays DEA Egypt for the gas it produces. In addition it was reported that BG Egypt would also be getting an increase in pricing terms.
This latest move and the previous one are seen as an attempt by the government to stimulate more investment in the sector.
The amended prices will apply to gas produced from new discoveries, the official was cited as saying.
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