News / Egypt
International Group to Study Egypt’s $3.3b Solar Project
The Egyptian Minister of International Cooperation, Sahar Nasr, stated that during August, a consortium of the World Bank, the African Development Bank, in addition to German and French institutions will finalize the feasibility study of developing a 1000 MW solar plant and a facility for manufacturing solar panels, both projects worth a combined $3.3b, on loan from China.
Egypt Expects to Receive $7.5b in Foreign Aid
Egypt aims to raise $21b from international financial institutions and bilateral agreements over the course of three years. The country expects to receive $7.5b in deposits to aid in restoring investor confidence, ease a crippling foreign-exchange shortage, and inalize the International Monetary Fund (IMF) loan worth $12b.
Scatec Renegotiates PPA with Egypt
A group of developers, including Norway’s Scatec Solar, are renegotiating the terms of their power purchase agreements (PPA) with the Egyptian government in an effort to keep them on the existing timetable.
Kuwaiti Fund Lends $108m for Helwan Power Plant
The Energy and Environment committee to the Egyptian house of representatives approved a $108m loan from the Kuwaiti Fund for Arab Economic Development (KFAED) to fund South Helwan power plant project
EGAS Refused to Drop Gas Selling Price
The Egyptian Natural Gas Holding Company (EGAS) stated that the current cost of suppling gas to the industrial market averages $7 per unit, and as a result EGAS is unable to recover its cost of production and importation. Therefore the company cannot endorse any reduction to selling prices or amend contracts with manufactures to USD instead of EGP
Egypt’s Diesel Reserves to Cover 5 Days of Demand
Egyptian General Petroleum Corporation's Chairman, Tarek El Hadidi, stated that Egypt has enough diesel stored to cover five days of local demand, with import cargos arriving regularly. He added that Saudi Arabia's Aramco will supply Egypt with 12 diesel shipments on a monthly bases.
RockHopper Buys Egypt’s Beach Petroleum for $11.9m
UK’s RockHopper Exploration bought Beach Petroleum (Egypt) Pty Limited for $11.9m. The acquisition was funded by the company's existing cash resources with Beach Petroleum retaining the majority of of the Egyptian General Petroleum Corporation (EGPC) receivables balance of $10.1.
Electricity Ministry Borrows EGP 5b to Pay EGPC
The Egyptian Ministry of Electricity agreed to obtain a loan worth EGP 5b to pay its dues to the Egyptian General Petroleum Corporation (EGPC) as the ministry needs to pay for fuel provided to power plant.
