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
Egypt to Have One Million NGV within Three Years: El Molla
The Minister of Petroleum and Mineral Resources, Tarek El Molla, announced that Egypt will have about 1,000,000 vehicles run on natural gas within the including converting and replacing 450,000 cars during three years in addition to 350,000 was previously converted.
El Molla Inspects Dahshour Gas Compressor Station Project
The Ministry of Petroleum and Mineral Resources, Tarek El Molla, has inspected the gas compressor station project in Dahshour to secure the consumption of natural gas as fuel for south Egypt in light of the state’s strategy for sustainable development which targets to increase investment in the Upper Egypt.
Gastec launches First Mobile Natural Gas Station in Egypt
Gastec company announced that it has established mobile station to supply natural gas for the first time in Egypt.
Eni Supports Health Sector in Egypt with 20 Ventilators
Eni company has delivered 20 ventilators to the Egyptian health sector worth $600,000 in light of the anti-covid medical supply initiative organized by the petroleum sector as well as international oil companies (IOCs) to support the efforts of the Ministry of Health to combat the pandemic.
GPC Strikes Oil in Abu Sennan Concession
The General Petroleum Company (GPC) has announced that it achieved a new oil discovery in Abu Sennan concession at the Western Desert by drilling DSWS-1X exploration well with investments worth $1.5 million after finding petroleum evidences on Abu Rawash E and middle Bahria reservoirs.
Petromaint’s Profits Leap 24% in 2020
Petromiant company has announced that its net profit increased by 24% for the first time during 2020.
EDC’s Onshore Market share Increases 80% in 2020
The Egyptian Drilling Company (EDC) has announced that it managed to increase it market share within the onshore drilling market by 80% during 2020 despite the challenges of the pandemic compared to 60% in 2019.
UOG Achieves New Discovery in Abu Sennan Concession
United Oil & Gas Company (UOG) announced that it has made a new discovery in Abu Sennan Concession, onshore Egypt, after doing drilling operation for ASD-1X exploration well.
New Transfers Movement in Petroleum Sector
The Minister of Petroleum and Mineral Resources, Tarek El Molla, has issued a new transfers movement among the petroleum sector to support the petroleum companies and sites with the needed competences and expertise that could achieve the future goals.
