News / Egypt
Egypt Will Keep All Gas From New Baltim Discovery
Following the new significant gas discovery in the Baltim exploration region in Egypt made by Eni and BP, Egypt stated it would keep all the natural gas for itself.
Oil Ministry Focused on Gas to Meet Domestic Demand
In the last couple of years, Egypt's Ministry of Petroleum has focused to provide fuel needs to the domestic market through contracts on gasification ships to receive Liquid Natural Gas (LNG) shipments.
WB: Egypt’s Annual Growth to Ease to 3.3%
According to the World Bank's (WB) report – Global Economic Prospects June - Egypt’s annual growth is forecast to ease to 3.3% in the fiscal year (FY) 2015/16 and it is estimated to reach 4.4% in FY 2016/17, falling below the government’s target of 5%.
Egypt Reached Highest Level of Inflation in May
Egypt has reached the highest level of inflation in seven years in May, another challenge for policy makers trying to tackle a shortage of foreign currency that is slowing growth.
BP, Eni Announce New Gas Discovery in Baltim Region
European oil and gas giants, BP and Eni, announced their latest natural gas reservoir discovery in the Baltim exploration region in Egypt, which is jointly owned by both companies.
NREA Denies Egypt Unattractive for Clean Energy Investments
The Executive Chairman of the New and Renewable Energy Authority (NREA), Mohamed El-Sobki opposed the new and renewable energy companies that had claimed that the sector is currently unattractive for investments.
Cairo, Riyadh to Finalize Electricity Linkage Project
The Egyptian-Saudi electricity linkage project is due to be finalized within a few months for the two countries to share electric power of up to 3,000 MW during the off-peak periods.
Elsewedy Negotiating $75m Solar Plant Loan
Elsewedy Electric is currently in the negotiating process, with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), of obtaining a $75m loan to finance building its 50MW solar power plant in Aswan, Egypt.
