Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic developments and trends brought to you all on a single page at your convenience.
News / Egypt
Egypt’s Petrochemicals Production Exceeds 4 M Tons in 2020/21
Egypt's petrochemicals industry production rate exceeded 4 million tons in fiscal year (FY) 2020/21, the Egyptian Petrochemicals Holding Company (ECHEM)’s Chairman Saad Helal said.
El Molla Issues New Promotions
The Minister of Petroleum and Mineral Resources Tarek El Molla, issued new appointments at the national oil companies (NOCs).
EGAS Connects Over 1.2 M Households to Natural Gas in 2020/21
As part of a national strategy to promote the use of natural gas, Egyptian Natural Gas Holding Company (EGAS) connected more than 1.2 million households with the natural gas grid, recording the highest rate since the beginning of Household Natural Gas Connection Project, the Chairman of EGAS Magdy Galal said.
El Sisi Follows Up on Oil Development Projects
President Abdel Fattah El Sisi held a meeting to follow-up on the latest developments of petroleum sector projects across the republic, according to the Presidency Spokesman Bassam Rady.
Ganope Achieves High Production Rate in 2020-21
Ganounb El Wadi Petroleum Holding Company (Ganope)’s Chairman Alaa El Batal announced the company’s success at achieving a daily average rate of 21,500 barrels per day (bbl/d) of crude oil, 6000 tons of butane, and 3.6 billion cubic feet per day (bcf/d) of natural gas during fiscal year (FY) 2020/21.
Shell Completes Sale of Western Desert Assets in Egypt
The sale took place for a base consideration of $ 646 million and additional payments of up to $280 million between 2021 and 2024
Cheiron Completes Acquisition of 50% of Shell’s Western Desert Assets
Cheiron Petroleum Corporation (“Cheiron”) announced the successful completion of acquiring 50 % of Shell’s upstream oil and gas assets in the Western Desert. The remaining 50% of the interests will be purchased by Cairn Energy PLC (“Cairn”), Cheiron’s strategic partner.
El Molla Urges Continued Development of Refinery System
Minister of Petroleum and Mineral Resources, Tarek El Molla, stressed the importance of continued development and modernization of the refining system to improve performance efficiency and reduce waste.
El Molla: Natural Gas Stations Expansion Program Going As Planned
During a regular meeting to follow-up on the natural gas station expansion program, Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla stated that the efforts involved in increasing the number of fueling stations across the country are going according to plan.
