• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
    South Africa’s Informal Economy Shows Signs of Movement to Switch toward Cashless Economy, Study
    $11.70 million Expended by the Africa Development Bank to Facilitate Access to Fertilizers for African Agricultural Producers
    TRANSCO – CLSG wields Impressive Coordination Meetings for the Development of the Gambia River
    650,000 BPD Dangote Petroleum Refinery and Petrochemicals plant Commissioned by Erstwhile Nigeria’s President Buhari
    …Curtail the usage of Charcoal and save the Environment Immense Liquefied Gas Depot opened in Tanga City of Tanzania
    $3.5 Billion in reimbursements to White Agriculturalist by the African Development Bank as Financial Instruments to “Fast Track and Front Load” to White Agriculturalist land…was taken from them by the Zimbabwe Administration President of AfDB disclosed

    Egypt made twice as much its Oil seesaws in a way to Insulate itself against a Rise in Oil Prices

    Posted On 11 Dec 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Photo Credit: KindPNG

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Egypt has sizably traded additional auxiliary pacts to insure itself against a surge in oil costs, as some importers strive to take expectation of this year’s tax defeat during the 2020-2021 fiscal year ending in June, Finance Minister – Mohamed Maait let out in a
    talk.

    “We did a huge number of hedging contracts,” Maait said from his office in Cairo, without disclosing the size of the program or other details. Egypt also hedged in the previous two financial years, though it didn’t say how much money it spent.

    Further, Oil prices sunk in March and April this year, as the Novel Coronavirus dissipate around the world and lockdowns resulted in the energy market declining. Benchmark Brent crude has since soared to almost $50 a barrel but is still down 25% this 2020. While that’s banged oil exporters, it’s helped the finances of importers especially those which; like Egypt, endow some fuel.

    Those wanting to cinch in the advantages can purchase call alternatives, which give owners the right to amass oil at a predetermined price. In Wall Street jargon, the option is “in the money” if oil rises above the strike price. Maait is still to agree on the plan for the following fiscal year. “We are covered until June 30,” he asserted.

    The North African nation utilized Citigroup Inc. and JP Morgan Chase & Co. to purchase derivatives the first time it teetered against increasing crude prices. It pumps some oil but became a net importer in 2011. The government’s appropriation is established on a regular crude price of $61 a barrel, correlated with $68 in the previous fiscal year. Egypt sliced grants on most petroleum products last year as part of a financial reform program associated to a $12 billion loan from the International Monetary Fund.

    The nation proceeds to partly invest diesel and but loans. Local prices are set quarterly, taking into account global oil prices and the Egyptian pound’s exchange rate. Nonetheless, it’s plausible to be far tinier, the hedging program is a reflector likeness of Mexico’s, where the oil exporter spends billions of dollars to protect against lower prices. This year, the Mexican government will earn a payout of about $2.5 billion from put options, Bloomberg finds.

    Most countries don’t divulge their hedging programs, though oil importers Morocco, Jamaica and Uruguay have bought protection in the past. Egypt is one of the world’s biggest buyers of wheat and is also considering hedging
    against upright prices for the grain. “We are in talks with some banks,” Maait let out.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    In a way to Steer the Advancement of Africa’s Energy Transition, the International Renewable Energy Agency and the African Development Bank Subscribed to Boost Investment in Low Carbon Energy Ventures

    Next Story

    International Chamber of Commerce (ICC) and Africa Investor (Ai) Launch Global E-Trade Partnership to Digitize Five Million Small and Medium Enterprises in Africa

    10 Comments

    1. Gilbert December 11, 2020 at 12:59 am Reply

      In Africa, we have the crude oil, let’s do the finishing and use that gas. Kigali Rwanda. Gilbert

      • New Africa Business News, Staff Correspondent December 11, 2020 at 1:01 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Simon December 11, 2020 at 1:04 am Reply

      Thank you for the newsletters. Like reading the reports. London, England. Simon

      • New Africa Business News, Staff Correspondent December 11, 2020 at 1:06 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Enoch December 11, 2020 at 1:12 am Reply

      Thank you for the reports. In the Continent, We have enough petrol for our use. May God continue to bless our great Continent. Mother Afrika. Monrovia in Liberia. Enoch

      • New Africa Business News, Staff Correspondent December 11, 2020 at 1:13 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Kevin December 11, 2020 at 1:19 am Reply

      Our Countries are starting to invest in refinery. Very good. Nairobi Kenya. Kevin

      • New Africa Business News, Staff Correspondent December 11, 2020 at 1:20 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Baraka December 11, 2020 at 1:25 am Reply

      Like to thank, Journalist Bangura for the reports and of course new Africa news, team. Tanga Tanzania. Baraka

      • New Africa Business News, Staff Correspondent December 11, 2020 at 1:26 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

    Posted On 01 Jun 2023

    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    Posted On 31 May 2023

    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063

    Posted On 30 May 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia

    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution

    Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063

    Recent Posts

    • African Development Bank’s 2023 African Economic Outlook Projects Africa to Become the Second-Fastest Growing Region After Asia
    • AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
    • Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
    • African Nations Exhorted to take on Modern Sustainable City Planning to enable Stave Off Prospective Emergencies
    • South Africa’s Informal Economy Shows Signs of Movement to Switch toward Cashless Economy, Study

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.