News / Egypt
CBE Secures $400m for Energy Imports
The Central Bank of Egypt (CBE) opened a commercial letter of credit of $400m for the Egyptian General Petroleum Corporation (EGPC), to be paid within three months starting from January.
El Molla: Infrastructure Investment in the Sector Reached EGP 8.8b
Current infrastructure projects investments for receiving, transfer, and trading of petroleum products in Egypt have hit EGP 8.8b, Tarek El Molla, Minister of Petroleum and Mineral Resources told Al Mal.
DEA Appoints New Head for Egypt
The Egyptian subsidiary of DEA Deutsche Erdoel AG, the German upstream company, has appointed Dr Thomas Radwitz as its new General Manager, as of 1st February.
Egyptian-Russian Committee Starts Energy Projects Talks
The Egyptian-Russian joint committee for trade, economic, scientific, and technical cooperation met in Cairo at the end of January to continue negotiations about upcoming infrastructure projects in the energy and other sectors.
Egypt Grants 56 New Renewable Energy Licenses
The Egyptian Electricity Utility and Consumer Protection Regulatory Authority (EEUCPRA) granted 56 new and renewable energy temporary licenses to set up solar and power plants under the feed-in tariff system.
World Bank Reveals Details of $3b Loan to Egypt
The World Bank has revealed details of the $3b loan to the Egyptian government, which entails raising tax revenue and electricity prices, while reducing government’s wages and energy subsidies.
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.
