News / Egypt
El Molla Met with Egyptian Ambassadors
he Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Egypt's upcoming ambassadors to several countries to discuss their role in attracting foreign investment in the oil and gas sector.
Karm Solar Agrees to Domestic Arbitration on FiT Deal
Karm Solar Company announced its endorsement of The Egyptian Ministry of Electricity's FiT program and agreed to the Power Purchase Agreement terms in regards to domestic arbitration.
Aswan’s Solar Project to Receive 12 Electrical Adapters
Egypt's XD-EGEMAC's CEO, Medhat Ramadan said that the company is waiting for custom authorities at Sokhna port to release 12 electrical adapters, with a capacity of 175 MV, in order for them to be transported to Aswan in the south of Egypt and installed at Benban solar energy project.
International Group to Study Egypt’s $3.3b Solar Project
The Egyptian Minister of International Cooperation, Sahar Nasr, stated that during August, a consortium of the World Bank, the African Development Bank, in addition to German and French institutions will finalize the feasibility study of developing a 1000 MW solar plant and a facility for manufacturing solar panels, both projects worth a combined $3.3b, on loan from China.
Egypt Expects to Receive $7.5b in Foreign Aid
Egypt aims to raise $21b from international financial institutions and bilateral agreements over the course of three years. The country expects to receive $7.5b in deposits to aid in restoring investor confidence, ease a crippling foreign-exchange shortage, and inalize the International Monetary Fund (IMF) loan worth $12b.
Scatec Renegotiates PPA with Egypt
A group of developers, including Norway’s Scatec Solar, are renegotiating the terms of their power purchase agreements (PPA) with the Egyptian government in an effort to keep them on the existing timetable.
Kuwaiti Fund Lends $108m for Helwan Power Plant
The Energy and Environment committee to the Egyptian house of representatives approved a $108m loan from the Kuwaiti Fund for Arab Economic Development (KFAED) to fund South Helwan power plant project
EGAS Refused to Drop Gas Selling Price
The Egyptian Natural Gas Holding Company (EGAS) stated that the current cost of suppling gas to the industrial market averages $7 per unit, and as a result EGAS is unable to recover its cost of production and importation. Therefore the company cannot endorse any reduction to selling prices or amend contracts with manufactures to USD instead of EGP
