Qalaa Holdings has announced the signing of an agreement to settle all its debts to Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait in exchange for approximately EGP 4.547 billion. The debt will be settled through stocks while keeping the right to repurchase; land; and compensation for exchange rate changes and stock market price fluctuations beyond the agreed upon price.
Minister of Petroleum and Mineral Resources Tarek El Molla has taken measures to review the implementation of projects to deliver natural gas to homes and the activity of supplying cars with gas during the current fiscal year 2023/2024 until the end of last March.
Minister of Petroleum and Mineral Resources Tarek El Molla has lauded the Center of Excellence for Energy Efficiency and Operational Performance for its essential role as the first strategic entity specialized in serving the oil and gas sector as well as the energy-intensive sectors in Egypt and the African continent in promoting the transition to sustainable, low-carbon energy systems.
Minister of Petroleum and Mineral Resources Tarek El Molla has reviewed the progress of new petrochemical projects, emphasizing that the investment map for these projects took into account the addition of new green and environmentally friendly products that would increase total production, which reached more than 4.3 million tons during the last fiscal year.
Enppi and Petrojet, the two arms of the petroleum sector in the fields of engineering designs, general contracting and construction, have been assigned the task of implementing the electric power generation station project using solar cells with a capacity of 10 megawatts at the Assiut Oil Refining Company (ASORC).
Within the framework of enhancing the occupational safety and health system at the Petroleum Pipelines Company (PPC), the Ministry of Petroleum and Mineral Resources (MoPMR) issued a number of movements in the company.
Minister of Petroleum and Mineral Resources Tarek El Molla has witnessed the 29th general assembly meeting of the Natural Gas Vehicles Company (Cargas) to discuss and approve the business results for the year 2023.
The modernization of Burullus gas fields, especially the Phase-9B fields that make a main contribution to production. Samir further mentioned that Phase-10 and Phase-11 are set to have six development wells drilled with investments $575 million. The wells are planned to add around 300 million cubic feet of gas and 500 barrels of condensates to daily production.
