News / Egypt
El Molla: No Truth to IOCs Decreasing Exploration
Tarek El-Molla, Minister of Petroleum and Mineral Resources, said that the rumors about international oil companies (IOCs) halting exploration expenditures because of indebtedness and low oil prices is completely untrue. Proof positive of this was the fact that foreign companies had not stopped work when the sum owed them was $6.3b, Egypt Oil & Gas reports.
CAPMAS: Petroleum Exports Drop by 38%, Imports Increase by 4.7%
Exports of petroleum products have notably declined in August, dropping by 38% to reach $310.2m in comparison to $500.6m during the corresponding period last year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
Egypt’s Nuclear Reactor to Produce Power by 2024
Egypt is due to start producing power from its first of four nuclear reactors by 2024, the country's Prime Minister announced, Reuters reports.
Egypt to Import Gas From Leviathan
Delek Group announced in a press release the signing of a Letter of Intent to export natural gas from the Leviathan Project to Egyptian consumers.
CPTDC to Invest $10m in Egypt’s Petroleum Industry
China Petroleum and Technology Development Corporation (CPTDC) will invest approximately $10m in Egypt, Li Qitang, Egypt’s Chief Office Representative.
Kuwait Fund to Finance Egypt-Saudi Power Grid
The Egyptian government and the Kuwait Fund for Arab Economic Development (KFAED) have signed a loan agreement worth $98.7m to finance the power grid project between Egypt and Saudi Arabia.
Russia Furthers Egypt’s Nuclear Power and Suez Industrial Plans
Minister of Electricity Mohammed Shaker explained that nuclear power was a key facet in the government’s strategy to tackle the current energy crisis.
Aphrodite Gas Within Egypt’s Reach Thanks to BG Deal
The energy minister of Cyprus, Yiorgos Lakkotrypis, announced on Monday that a move by British oil and gas company BG International to buy a stake in Cyprus’ offshore mineral deposits was an important step forward for the country’s plans to supply Egypt with natural gas.
