Qalaa Holdings Explains Reduced Stake in ERC
Qalaa Holdings has confirmed in a market statement that its stake in the Egyptian Refining Company (ERC) has decreased to 13.14% because other shareholders have underwritten additional equity.
News / Egypt
El Sisi Affirms Sector’s Natural Gas Self-Sufficiency
The oil and gas sector has succeeded in terms of self-sufficiency, manufacturing and exporting, President Abdel Fattah El Sisi said during the “Ask the President” session, as part of the National Youth Conference held on July 30-31.
Border Demarcation with Cyprus, Saudi Arabia to Boost Gas Discoveries: El Sisi
This came during the “Ask the President” session, as part of the National Youth Conference held on July 30-31, in response to a question on the Eastern Mediterranean gas discoveries.
SIDPEC Reaches Highest Polyethylene Production Since 2014
The Ethylene facility in SIDPEC has stopped working for a while and is now working again normally.
Egypt, Kuwait Negotiate to Increase Crude Oil Imports
Egypt is negotiating a contract renewal with Kuwait to import its crude oil to Egypt with double the quantity and adjustments to the merit rating scale.
Dana Gas Confirms Hiring Financial Advisors to Sell Egyptian Assets
Dana Gas confirmed that it is studying the possibility of selling its Egypt asset portfolio and has hired financial advisors accordingly.
Egypt’s Electricity Reserves Exceed 20%
President Abdel Fattah El Sisi stated that the electricity reserves in Egypt have reached more than 20%, which can be exported to the neighboring countries.
MSMEDA Turns 34,400 Vehicles into Gas-Powered Ones
Micro, Small and Medium Enterprise Development Agency (MSMEDA) funded EGP 274 million to turn 34,400 vehicles into being gas-powered ones.
BP to Increase North Alexandria’s Gas Production to 1.5 bcf/d
BP that acquires 82.75% of North Alexandria’s Gas Project is planning to launch its third phase by the end of 2019, which will raise production to 1.5 billion cubic feet per day (bcf/d) by 2020.
Electricity Grid Holds Up To 30,400 MW
The electricity generation capacity across Egypt is currently stable with no power-cuts as power plants are constantly supplied with sufficient amount of natural gas and mazut.
