News / Egypt
EGPC Seeks to Delay Dollar Payments to Banks
The Egyptian General Petroleum Company is negotiating with banks to delay dollar payments it owes, as foreign currency requirements are not being met by the Egyptian Central Bank.
El Molla Signs Two New Exploration Agreements
Tarek El-Molla, Minister of Petroleum and Mineral Resources, signed two new agreements for oil and gas exploration in the Gulf of Suez and Western Desert. The first agreement is for the Haliph area in the Western Desert with the Tunisia's HBSI, with minimum investments of about $9m and a signature bonus of $1m, to drill 4 exploration wells, Egypt Oil & Gas reports.
Egypt to Add 3GW to Power Grid in 2016
Egyptian Electricity Minister, Mohamed Shaker stated on December 6th that Egypt will add between 2,000MW and 3,000MW to the country’s electricity generation capacity in 2016. The expansion will reduce rationing for Egyptian industry and consumers.
Egypt, IFC Launch Energy Efficiency Program
Egypt and the International Finance Corporation have agreed to a $2.3m deal to improve energy efficiency and pollution in Egyptian industry.
Gas Ruling Forces Egypt to Pay $2b to Israel, Government to Appeal
The International Chamber of Commerce has ruled against the EGPC and EGAS in its long-standing contract dispute with Israel over halted gas exports. The Egyptian government is appealing the ruling and has halted current energy negotiations with Israel.
IGU Issues a Study on Gas Use Impact in Mega-Cities
The International Gas Union (IGU) has published a major study emphasizing the immediate importance of air quality beyond the 2 degrees, and carbon reduction debates, while at the same time highlighting the enhanced use of natural gas in emissions reduction efforts.
EBRD to Boost Egypt’s Energy Sector with $170m
The EBRD has arranged a $170m loan facility to support safety standards in Egypt's energy sector.
Egyptian Solar Projects Increasing, Exports Possible by 2020
The European Bank for Reconstruction and Development (EBRD) has allocated $500m to finance solar energy in Egypt in 2016 - a part of a larger renewables effort, which may allow Egypt to export solar-generated energy by 2020, according to REC Group.
