Arab FinanceThe government agreed with the Italian Energy Company Eni to raise the price of the new natural gas purchase from the wild concession areas by 60%, according to the East economy.
The increase in production will be applied from the sites managed by Ajiba Company – the joint company between the Eyuk company, which is affiliated to the Eni and the Egyptian General Petroleum Corporation. The purchase price will exceed twice what it is to reach $ 4.25 per million British thermal units, up from $ 2.65 per million British thermal units.
It is worth noting that Egypt is seeking to motivate foreign companies to enhance production, by increasing the price of purchasing its shares of natural gas in an attempt to meet the demand in the local market, and Eni currently produces about 110 million cubic feet of gas per day in Egypt – it is expected that in light of this step, the value of its share will increase the production of natural gas in the country more.
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