News / Egypt
Additional 400,000 Units to be Connected to Gas Grid by March
The Egyptian government has set plans to connect the national gas grid to an additional 400 thousand units by the third quarter of the current 2015/2016 fiscal year. The plans will be funded by the world bank's recent $1b loan, and will be implemented through 13 companies.
Italy to Upgrade Egypt’s MIDOR, Other Energy Projects
Italy has agreed to upgrade Egypt’s Middle East Oil Refinery (MIDOR), participate in building a complex for petrochemical industries in Ain Sokhna, and update a number of combined-cycle power plants, Head of the Cairo’s Egyptian-Italian Business Council Khaled Abu Bakr said.
The Government Owes the Electricity Ministry EGP 10.8b
The ministry of electricity is owed by state entities EGP 10.8b. The majority of the debt is owed by the Holding Company for Water and Wastewater (HCWW), where its debt to the ministry of electricity amounts to EGP 5.3b.
Moody’s: China, Saudi Support Improve Egypt’s Financial Standing
Saudi Arabia's recent pledge of $20b worth of petroleum products to Egypt over the coming five years, in addition to China's pledge of $1.7b in loans to Egypt's Central Bank (CBE) and The National Bank of Egypt (NBE), are considered as a credit positive for the country.
CBE Secures $400m for Energy Imports
The Central Bank of Egypt (CBE) opened a commercial letter of credit of $400m for the Egyptian General Petroleum Corporation (EGPC), to be paid within three months starting from January.
El Molla: Infrastructure Investment in the Sector Reached EGP 8.8b
Current infrastructure projects investments for receiving, transfer, and trading of petroleum products in Egypt have hit EGP 8.8b, Tarek El Molla, Minister of Petroleum and Mineral Resources told Al Mal.
DEA Appoints New Head for Egypt
The Egyptian subsidiary of DEA Deutsche Erdoel AG, the German upstream company, has appointed Dr Thomas Radwitz as its new General Manager, as of 1st February.
Egyptian-Russian Committee Starts Energy Projects Talks
The Egyptian-Russian joint committee for trade, economic, scientific, and technical cooperation met in Cairo at the end of January to continue negotiations about upcoming infrastructure projects in the energy and other sectors.
