Minister of Petroleum, Tarek El Molla, chaired the meeting of the governmental committee formed upon the instruction of the Prime Minister to follow up on the national project to transfer Egypt into a regional energy hub.
Officials at Shell reviewed the performance systems in Schneider Electric, which includes ways to continuously enhance performance to boost growth and operational excellence.
Petroleum Arrows Company acquires around 24% of the total distribution of petroleum products such as gasoline, diesel and mazut across the country.
The Ministry of Finance will receive 25% of the Gas Market Regulatory Authority’s profits, while the remaining 75% will belong to the regulator.
The cabinet approved establishing a 200 MW solar plant by Eni, considering that the price of electricity produced from the plant will be of the same value as the prices received to transmit electricity in Kom Ombo bid for $0.027 per 1 kW/h.
The meeting was held at the end of the first phase of the program, which had been launched as a part of the ministry's Modernization Project to invest in developing the oil and gas sector's human resources and support young talents.
According to the agreement, the company will search for and develop oil at the Ras Budran and El Zeit Bay oil fields in the Gulf of Suez (GOS).
The Egyptian Ministry of Electricity is in talks with Sweden to exchange knowledge and expertise on smart grids.
The development work in Zohr field and some of the exploration fields in the Mediterranean contributed to a production leap early in 2019, increasing production by 700,000 tons in January 2019.
Fuel subsidies cost thus decreased by 28.45% compared to the EGP 84 billion paid in the first nine months of FY 2017/18.
