News / Egypt
EBRD Offered to Fund SUMED Project
The European Bank for Reconstruction and Development (EBRD) has offered to fund the Arab Petroleum Pipelines Co. (SUMED) with $100m, based on a 10-year time-frame, to build a pier and petroleum products trading center in Ain Sokhna.
Developers to Withdraw from Egypt’s FiT Program
Up to 35 solar energy firms are considering withdrawing from the first phase of Egypt’s Feed-in Tariff (FiT) program due to delays, currency risks, and government's insistence on domestic arbitration, as developers announced after meeting with the Minister of Electricity and Renewable Energy, Mohamed Shaker,
Oil Ministry Eyes Increase in Oil Output
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, said that the ministry will request foreign oil and gas investors to increase the number of oil wells in the Nile Delta concessions, with an aim of boosting the output to the level of about 1bcf/d.
EGPC to Expand Oil, Diesel Import
The Egyptian General Petroleum Corporation (EGPC) is currently in negotiations with foreign importers to provide oil and diesel to create massive strategic reserves to cover market demands.
Egypt Raises Electricity Prices for Industries
In accordance with the increase in electricity prices by 21% to 23% for energy intensive industries using high voltage, Egyptian manufacturers and merchants are planning to raise their selling prices. The impact on inflation is thus expected to take effect in September.
Eni Plans to Sell 20% of Zohr Field
Italy's Eni plans to sell at least a 20% stake in Zohr field in Egypt to different oil companies including Russian Lukoil, US ExxonMobil, French Total, and UK's British Petroleum in order to raise around $5.5b from asset disposal within two years.
EGAS to Amend High Household Gas Invoices
EGAS will revise and amend gas bills for angry homeowners.
Sisi Launches $1.9b Petrochemical Complex
Egyptian President Abdel Fattah El Sisi launched the petrochemicals complex of Egyptian Ethylene and Derivatives Company (Ethydco) in Alexandria in mid August with a total investment of $1.9b.
