Egypt raises gas price paid to Italy's Eni and Edison

Egypt has raised the prices it pays Eni and Edison for the natural gas they produce in the country, an official with state-owned gas company EGAS said on Sunday.

The agreements mark the latest move by Egyptian authorities to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country.

"(The oil ministry) signed a deal that amended the price for gas with Eni to a maximum $5.88 for every million British thermal unit and a minimum of $4, based on amounts produced. This is up from $2.65," the EGAS official told Reuters on condition of anonymity.