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
Kuwait Energy Sponsors OGIC 5 Youth Event
Kuwait Energy Egypt has recently sponsored Oil and Gas Industry Conference 5 (OGIC 5) for the fifth year respectively as part of its Corporate Social Responsibility (CSR) and youth empowerment organized by the American Association of Petroleum Geologists, Suez University, Student Chapter, (AAPG SU SC) at the Arab Council for Childhood and Development at Nasr City.
Shell Egypt signs Two PSCs for Blocks in Red Sea, Mediterranean
Shell Egypt has announced it signed production sharing contracts (PSCs) in the offshore and deep-water concession of the Red Sea at Block 3 with distance of 3,097 Km² and in the offshore North Kanayes of Herodotus Basin in the West Mediterranean concession by 30% share. The contracts are shared with Total company, the main operator of the project, by 35%, KUFPEC limited by 25% and Tharwa Petroleum company by 10% at distance of 4,445 Km².
El Molla Signs 9 New Oil and Gas Agreements Worth More than $1B
The Minister of Petroleum and Mineral Resources, Tarek El Molla, has signed 9 new agreements worth more than $1 billion for drilling 17 new exploration wells to search for petroleum and natural gas in Mediterranean, and the Red Sea with six international and Egyptian companies.
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.
MPED Allocates EGP 4.9 B to Alexandria’s Petroleum Sector in FY 2020/21
The Ministry of Planning and Economic Development (MPED) allocated EGP 4.9 billion of investments to the oil and gas sector during the fiscal year (FY) 2020/21; 29.5% of total investments in Alexandria.
El Molla Inspects Trial Operations at ASORC’s Octane Complex
Tarek El Molla, Minister of Petroleum and Mineral Resources, reviewed the progress of Assuit Oil Refining Company’s (ASORC) Octane complex, as it is currently undergoing trial operations, in addition to Assiut National Oil Processing Company’s (ANOPC) hydrocracking complex. Both complexes are valued at $3.4 billion as part of the state's and the ministry’s plan to increase investments and expand projects in Upper Egypt.
UOG Brings ASH Gas Pipeline in Abu Sennan Onstream
United Oil and Gas (UOG) has completed the ASH gas pipeline which connects the ASH field to the existing gas processing facilities at El-Salmiya in Abu Sennan concession.
Iraq to Supply EGPC with 12 mmbbl of Crude in 2021
The Iraqi Council of Ministers approved the renewal of a contract to supply 12 million barrels (mmbbl) of Basra Light crude to the Egyptian General Petroleum Corporation (EGPC) in 2021.
Egypt, Nutrien to Settle Disputes
The Ministry of Petroleum and Mineral Resources (Mop), and The Ministry of Finance (MoF) held an agreement to settle the disputes between the Canadian Nutrien Company (formerly Agrium) and the Egypt Arab Republic.
