Arab Finance: The Egyptian government has signed hedging contracts against fluctuating global crude prices for imported oil in the fourth quarter (Q4) of the current fiscal year (FY) 2022/2023, accounting for nearly 25% of total imports, CNN Business Arabic reported, citing an official from the Ministry of Finance.
The contracts will expire by the end of the current fiscal year in June, the source noted.
The source said that the government plans to seal new contracts to hedge against the risks of soaring crude prices within the new FY 2023/2024, adding that the signing date and oil prices will be determined by the ministries of finance and petroleum.