VOL. XLIV

No. 19

7-May-2001

EGYPT

Egyptian Cabinet Approves New GasPrice Formula

The Egyptian Government on 2 Mayapproved the new gas price formula proposed by the Egyptian General PetroleumCorporation (EGPC) and passed by parliament on 19 February (MEES, 26February). The formula, which sets the price at which EGPC will purchase gasfrom foreign operators, provides for a ceiling of $2.65/mn BTU at Dated Brent$20/B or higher and a floor of $1.50/mn BTU at Dated Brent $10/B or lower, thusavoiding...