News / Egypt
Gulf Stock Markets Rose Following Oil Price Surge
Gulf stock markets rose sharply for a second straight trading day on Sunday after oil prices surged at the end of January. Egypt's stock index also rose by as much as 2.1% in response to the firm tone of global equity markets.
Trident Petroleum Signs PSA worth $4.5m
Trident Petroleum Egypt signed a new petroleum agreement for oil and gas exploration in the Gulf of Suez area. The agreement entails a minimum investment of $4.5m, a signature bonus of $500,000, and the drilling of six exploratory wells, reports Egypt Oil & Gas.
The World Refining Association to Host Egypt Downstream Summit
The World Refining Association (WRA) to host Egypt’s key stakeholders and industry experts together to discuss innovative ideas on how Egypt can realize its downstream potential.
NREA to Secure $196.5m for Siemens Wind Power Plant
The New and Renewable Energy Authority (NREA) is in negotiations with ten local and international financial institutions to secure a loan worth $196.5m (€180m) to finance the construction of Siemens wind power plant. Negotiations are expected to be concluded by February.
Hamdi Abdel Aziz: No Truth to Threats From Oil Companies
In an official press release from the Ministry of Petroleum, Hamdi Abdel Aziz, the Ministry of Petroleum’s official spokesman denied what was published in a newspaper about threats made by four oil companies to withdraw their investments if the government delayed the payment of dues owed to foreign partners before the end of March.
Explosion in Damietta Pipeline
An explosion in a 180km pipeline linking Damietta and Port Said caused a massive fire in the city of Damietta. The blast had no casualties, nor has it affected gas supply to homes, Ahram Online reported.
Supplying Gas to 1.6m Households Aids Egyptian Budget
The EGPC is developing plans to connect homes in all provinces, delivering gas to 1.6m residential units, beginning with the slum areas during 2016.
Petroleum Ministry: Payments Being Made on Time
The petroleum sector has been able to fulfill its financial obligations in business dealings on a regular basis.
