Egypt Buys ‘Huge’ Oil Hedge to Lock In Gains from Price Rout
- Finance minister says Egypt almost doubled hedging this year
- Country may also protect itself against rising wheat prices
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Egypt has bought more derivative contracts to protect itself against a rise in oil costs, as some importers seek to take advantage of this year’s price rout.
The most populous Arab nation has almost doubled its oil hedges during the 2020-21 fiscal year ending in June, Finance Minister Mohamed Maait said in an interview.