News / Egypt
Egypt’s Arrears to Oil Firms Rise to $3b at End of 2015
Egypt’s overdue debt to foreign oil companies rose to $3b at the end of December 2015, up from $2.7b at the end of October, said Petroleum Minister, Tarek El Molla. El Molla: Egyptian-UAE Energy Ties are Strong, Positive Outlook for 2016
Egypt and UAE have become close across the economic and political spheres over the past three years, Egyptian Petroleum Minister, Tarek El Molla said, as Cairo has been receiving a flow of broad support from the UAE mainly in gas and oil products shipments.
Egypt and Saudi Arabia to Meet January 5 to Discuss Investments
Egypt and Saudi Arabia will meet again on January 5th, as a part of the Egyptian-Saudi Coordination Committee, to discuss the details of $8b investments announced by King Salman Abdel Aziz in mid-December. The Saudi King has agreed to assist with Egypt’s energy needs and is expected to support Investments in energy, tourism, housing and agriculture. Egypt’s Ministry of Petroleum Begins New Strategy
Egypt's Ministry of Petroleum has a new strategy for reducing imports, adding value to Egyptian products and making Egypt an energy hub in the Middle East, a source in the Ministry told Egypt Oil and Gas.
NBE and Gas Firm Reach $32m Debt Settlement
The National Bank of Egypt and an undisclosed gas company reached a $32m debt settlement agreement to be repaid over the next 8 years. El Molla: Egypt to Aim for Mining Sector Expansion, Efficiency
Egyptian Petroleum Minister Tarek El Molla stressed the importance of achieving optimum efficiency and value added of the processing of the country’s mineral wealth, while also implementing appropriate policies and regulations and attracting investments.
Maridive to Conduct Exploration in Mediterranean
Egyptian firm Maridive & Oil Services S.A.E., Egypt’s largest offshore oil services company, has plans to begin exploring for natural gas in Egyptian territorial waters.
Egypt, Ethiopia, and Sudan Sign Preliminary Agreement over Renaissance Dam
Egypt, Ethiopia, and Sudan announced on December 29th that they had reached a consensus over the next steps of Ethiopia’s Renaissance Dam project. However, concerns still remain for Egyptian officials.
