Economic Snapshot: Monday Minutes
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
Egypt to Offer New Offshore, Onshore Exploration Blocks
The Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the Egyptian General Petroleum Corporation (EGPC), and the Egyptian Natural Gas Holding Company (EGAS) will offer onshore and offshore exploration blocks including the Mediterranean, Delta, as well as the Western and Eastern Desert for bids from energy companies within the next two weeks, according to an interview of Gulf Intelligence with the minister.
El Molla Issues New Transfers
The Minister of Petroleum and Mineral Resources, Tarek El Molla, has issued a new transfers movement among the petroleum companies to support the petroleum sector with the necessary capabilities and achieve the targeted goals.
Damietta LNG Plant to Start First Test Cargo by Mid February
Damietta liquefaction plant, the Union Fenosa Gas (UFG) joint venture, will start the first test cargo on 14th February 2021, S&P Global Platts Analytics reported.
Altus Expands Gold Exploration Activities in Eastern Desert
Altus Strategies Plc announced that the subsidiary AKH Gold Limited will be awarded gold exploration concession in the Eastern Desert by the Egyptian Mineral Resources Authority (EMRA).
Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
Methanex Egypt, the Egyptian Process Safety Management Steering Committee Launch the First Egyptian PSM Website
Methanex Egypt announced today the launch of the Egyptian Process Safety Management (PSM) Steering Committee’s website – www.PSMEgypt.com. The website is the result of the collaboration between the Ministry of Petroleum and Mineral Resources and Methanex Egypt following the signing of a Memorandum of Understanding (MoU) in February 2020, enabling the creation of the Egyptian PSM Committee mandated to embed the culture of Process Safety Management (PSM) within the Egyptian oil, gas and petrochemicals sector, in alignment with the ministry’s Modernization Program and international best practices, guidelines and standards.
Energean Announces Final Investment Decision for Offshore Egypt Project
Energean announces the North El Amriya (NEA), and North Idkunea concession (NI) Final Investment Decision in offshore Egypt.
Egypt Applies New Jet Fuel Price Reductions
Egypt reduces jet fuel prices by 15 cents per gallon until the end of 2021 to support the tourism and aviation sectors.
Egypt Signs 5 Gold Exploration Contracts with $13 MM Investments
The Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the signing of five gold exploration contracts for Canadian and Egyptian companies with the Egyptian Mineral Resources Authority (EMRA) with $13 million investments to search in 13 areas. These are the first contracts to be signed as a result of Egypt's first 2020 gold bid round.
