News / Egypt
Egypt Air’s Debt to EGPC Escalates to EGP 7b
Egypt Air’s dues to EGPC have expanded to reach EGP 7b, rising from EGP 5.5b in under six months.
EU Eyes Gas Import from East Mediterranean Fields
The European Union could import gas from newly discovered deposits in the Eastern Mediterranean in an attempt to diversify its supplies and bolster Europe's energy security, said EU Energy Commissioner, Maros Sefcovic.
$25m Power Plant to Be Built in Egypt’s 6 October City
Sheikh Zayed City Development Authority is in the process of launching a 500 MW power plant, with investments worth EGP 200m ($25.5m). The plant will be built on a 15,000 square meters over a period of 2 years.
Oil Prices Push Down Egypt’s Fuel Subsidy Bill
Egypt's budget for fuel subsidies has decreased by EGP 5b, reaching EGP 56b, in comparison to initial estimates of EGP 61b. The statement was made by Egyptian Petroleum minister, Tarek El Molla, during a luncheon at the American Chamber of Commerce.
Egypt’s Oil Sector to Get $200m Loan from World Bank
The World Bank will grant the Egyptian Ministry of Petroleum a $200m loan. The amount is part of a $1b loan agreement recently signed by both parties, part of which is earmarked to pay dues to foreign oil companies.
Dana Gas to Cut Costs at Home, Boost Investment in Egypt
UAE's Dana Gas announced its decision to slash its head office workforce by 40%, and cut administrative costs by 50%. The move is part of the evaluation and cost cutting process, which the company adopted in 2015.
Egypt to Receive $99m Loan from Kuwait
The Egyptian government and the Kuwait Fund for Arab Economic Development (KFAED) have finalized an agreement for a $99m (KWD 30m) loan for Egypt. The loan will be directed towards funding a project that will expand Egypt's electricity grid, linking it to Saudi Arabia.
GUPCO Breaks it’s All Time Production Record
Gulf of Suez Petroleum Co. (GUPCO) announced its success in breaking the company’s all time production record, by increasing its levels to 84,000 b/d of oil and 2,300 b/d of condensates. In addition the company also generates around 650 tons of butane per day, reported Egypt Oil & Gas.
