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FinancialNews
05-09-18
Egypt signs insurance contracts with 2 global banks
(MENAFN) Egypt was announced to have secured insurance agreements with a couple of international banks, aiming to evade fluctuating global oil prices.
The news has been unveiled by a senior government official while speaking to Reuters on Tuesday with anonymity.
Egypt has set a target to hit USD67 a barrel in its average oil price for the 2018-2019 budget, given that its price of Brent crude now is at USD79.
The government official stated "we have signed insurance contracts against fluctuating global oil prices with two international banks."
The official added, without revealing the identity of the banks, "but we have not determined when the insurance will start."
MENAFN0509201800450000ID1097387844
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