Prime Minister Mostafa Madbouly held a meeting to discuss various industry-related matters of significant importance with the Minister of Petroleum and Mineral Resources Karim Badawi, Minister of Finance Ahmed Kouchouk, and other Egyptian officials.
As of the longstop date, certain regulatory approvals in Italy and Egypt were not obtained by Carlyle (or waived), in accordance with the terms of the binding sale and purchase agreement (SPA) signed on 19 June 2024. Additionally, the company has not been able to reach agreement with Carlyle to extend the longstop date beyond 20 March 2025.
During his visit to Germany, Minister of Petroleum and Mineral Resources Karim Badawi participated in the 11th edition of the Berlin Energy Transition Dialogue on the 18th and 19th of March.
Minister of Petroleum and Mineral Resources Karim Badawi met with a delegation from AngloGold Ashanti, an investor in the Sukari Gold Mine in the Eastern Desert, to review the sector's latest efforts to attract and promote new mining investment opportunities.
Minister of Petroleum and Mineral Resources Karim Badawi, accompanied by the Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS) Yassin Mohamed, visited the German city of Berlin to negotiate the contractual terms for renting the floating storage and regasification unit (FSRU), Energos Power.
Minister of Investment and Foreign Trade Hassan El Khatib met with Tushar Chhabra, Head of Business Acquisition at Sterlite Power, a leading company in the field of power transmission and electrical cable manufacturing, to discuss opportunities for cooperation in developing green hydrogen projects in Egypt, as part of his current visit to India.
Energean provided on Monday an update of its portfolio sale in Egypt, Italy, and Croatia to Carlyle International Energy Partners, stating that there is a significant risk that the agreement may be terminated. Certain regulatory approvals in Italy and Egypt have not yet been obtained or waived by Carlyle.
Energean said that it has no assurance that such conditions will be satisfied on or before 20 March 2025 following the terms of the binding Sale and Purchase Agreement (SPA) signed on 19 June 2024. Additionally, the company has not been able to reach an agreement with Carlyle to extend the longstop date beyond 20 March 2025.
Within the framework of his current visit to India, Hassan El-Khatib, Minister of Investment and Foreign Trade, met with Ranjit Gupta, the Founder and CEO of OCIOR Energy, to discuss ways to enhance cooperation in the field of clean energy and sustainable investments in Egypt.
The Arab Petroleum Pipelines Company (SUMED) successfully increased its paid-in capital by $400 million to reach $600 million through conscious strategic management, meticulous planning, and an investment vision.
President Abdel Fattah El-Sisi met on Sunday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Karim Badawi, to address the status of the new exploration and drilling activities, particularly in the Fayoum 5 oil and gas field in the King Mariout area, to enhance Egypt's oil and gas reserves.
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