News / Egypt
Ismail: Egypt’s Power, Gas Reserves Sufficient until 2026
Egyptian Prime Minister, Sherif Ismail, stated in a meeting with editors-in-chief of national newspapers, that Egypt's strategic reserves of gas and electricity are sufficient to address domestic demand till 2026.
Egypt’s PM Talks Expansion Plans with Apache
Egyptian Prime Minister, Sherif Ismail, met with the US oil and gas producer, Apache Corporation, to discuss the company’s plans to inject investments in Egypt during the coming period on new explorations.
Egypt Selects 4 Investment Banks for USD Bond Issuance
Egypt’s Ministry of Finance picked four banks to manage a dollar bond issuance, as the country plans to sell $3b to $5b in international bonds during the current fiscal year ending June 30 2017, with the first issuance planned for October. JPMorgan Chase , Citigroup, BNP Paribas SA and Paris-based Natixis SA will oversee the sale.
Moody’s Affirms Egypt’s B3 Rating
Moody’s Investor service affirmed Egypt’s long term and senior unsecured bond rating at a stable B3 in which credit risks face deep structural concerns such as weak government reserves, weak external payment position, and continued security concerns.
Oil Minister Changes Management of Mineral Resources Firms
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla announced changes in the management of mineral resources firms, according to a press release.
Egypt to Consider International Arbitration in FiT Agreements
The Egyptian Ministry of Electricity and Renewable Energy is considering international arbitration in the second phase of Feed-in Tariff (FiT) program for renewable energy.
Development of New Capital Power Plant is 30% Complete
Cairo Electricity Production's CEO, Mohamed Mokhtar, stated that progress is underway on the Egyptian New Capital's power plant, estimated to cost $2b in investments, with 30% of the project completed.
BP to Produce Northern Alexandria Gas in 2017
British Petroleum (BP) is aiming to start the first development phase of the northern Alexandria concession and west Mediterranean deep water concession by the first quarter of 2017, with a production capacity of 450mcf/d of gas.
