Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
ENOC, Petromin Compete For Wataniya Petroleum Stakes
Dubai’s state energy firm, Emirates National Oil Company (ENOC), and Saudi Arabia’s Petromin Corporation have entered the bidding race for a majority stake in the army-owned gas station operator, Wataniya Petroleum.
Gastec, Cargas, ExxonMobil Sign Protocol for Natural Gas Supply
Gastec, Cargas and ExxonMobil companies have signed a cooperation protocol for adding facilities to supply natural gas inside ExxonMobil fuel stations.
Mabdouly Breaks Ground on 1st Petrochemical Complex in El-Sokhna
Prime Minister, Mostafa Madbouly, has put the cornerstone of the first petrochemical industrial complex at the Suez Canal economic zone (SCZONE) in Ain El Sukhna at a cost of $7.5 billion as a part of the Egyptian plan to meet the domestic market need of petroleum and chemical products.
PM Inspects Sonker Project at Ain Sokhna Port
Prime Minister (PM) Mostafa Madbouly toured the $450 million Sonker liquid bulk terminal, located in the third basin of Ain Sokhna Port.
NBE, TAQA Arabia Sign Financing Contracts of EGP 916 MM
The National Bank of Egypt (NBE) and TAQA Arabia signed financing contracts with EGP 916 million to expand TAQA Arabia’s investment plans and reaffirming NBE’s strategic partner role in supporting big projects with economic viability, according to a press release.
Sinai Industrial Zones to Receive Natural Gas Via Tankers Soon
Mohamed Saad El-Din, Chairman of the Board of Directors of Saad El-Din Group and the Liquefied Petroleum Gas (LPG) Investor Association, announced the launch of natural gas delivery via tankers to the industrial area in Sinai within days, Al-Mal news website cited.
EGAS Signs Contract for Conversion of 2262 Buses
The Prime Minister, Mostafa Madbouly, witnessed the signing contract to amend 2262 buses of the Public Transport Authority in Cairo and Alexandria with a bout EGP 1.2 billion to run on natural gas, according to a press release.
Cabinet Approves Two E&P Draft Bills
The Cabinet approved two bills licensing the Minister of Petroleum and Mineral Resources to contract with other parties on exploration and production (E&P) activities.
MoP Awards UOG New Development Lease in Abu Sennan
The Minister of Petroleum and Mineral Resources, Tarek El Molla, awarded United Oil and Gas (UOG) Company a development lease that covers the ASD-1X discovery in Abu Sennan.
