News / Egypt
Ethydco to Export 70% of Polyethylene
In an effort to increase USD influx, Sidi Keriri Petrochemicals Company (Sidpec) intends to export 70% of its polyethylene that is produced at its new Ethydco facility.
Power Prices to Remain Stable
As a result of the EGP devaluation, the Egyptian Ministry of Electricity will incur about EGP 100b yearly, EGP 50b came due to the repricing of fuel used in power generation. Yet, there will be no increase in the selling prices of electricity before the beginning of the next fiscal year.
Exclusive: El Molla Speaks at ADIPEC
During the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, joined a panel on Global Ministerial Dialogue for empowering emerging markets.
Aramco Halted Oil Cargos Indefinitely
Saudi Arabia’s Aramco has informed Egypt that shipments of oil products expected under a $23b deal would be halted indefinitely.
Egypt to Build Port for Coal-Fired Plant
Chinese Dongfang started studying the establishment of a private port for the construction of a coal-fired plant in Hamraween area in the Red Sea governorate.
FiT Challenged with Devaluation Backlash
Construction companies and solar firms withdrew from new and renewable energy projects due to increased costs as a result of EGP devaluation.
Eni Drills 7th Well in Zohr Field
Eni is developing Zohr field as the drilling of the 6th well had ended with promising results. In addition, the drilling operations of the 7th well has started as the final stage of the accelerated development project.
Egypt Pushed Back Third FSRU
Egypt will postpone contracting a third floating and storage regasification unit (FSRU) for one month. This delay is pending the Egyptian Ministry of Electricity to decide on its needs of liquefied natural gas (LNG) used for power generation.
