News / Egypt
World Bank Set to Provide Egypt with First $1b of $3b Loan
The World Bank is to provide the first $1b tranche of a $3b loan to Egypt after parliament approves the government's economic program, World Bank Vice President, Hafez Ghanem, announced at a news conference.
Emirates NBD Signs $225m Power Projects Loan in Egypt
Emirates NBD Egypt signed a loan worth 2b EGY ($225.25m) with state-run Egyptian Electricity Holding Company to finance two major power projects.
Aramco, SUMED Expand Saudi Oil Shipment to Europe
Saudi Aramco and Egypt's SUMED pipeline operator have signed a contract to boost the capacity of Saudi oil transported via SUMED from the Egyptian Ain Sukhna port on the Red Sea coast to Aramco's customers in Europe.
International Banks to Finance $3.97b COGAS Power Plants in Egypt
Deutsche Bank, HSBC, and KfW IPEX-Bank have jointly structured and arranged the Hermes-underwritten financing for the Beni Suef, Burullus and New Capital COGAS plants in Egypt, raising the debt capital of $3.97b.
Egypt to Receive 700,000 Tons of Petroleum Products from KSA
Saudi Arabia will provide Egypt with 700,000 tons of petroleum products a month under a $23b deal over five years signed between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC), an EGPC official said.
Petroleum Expert: Fuel Imports Costs to Increase by 5% per Month
As Egypt devalued its currency with the current exchange rate standing at EGP10.20 for $1, the price of fuel imports will increase by at least 5% per month, petroleum expert, Aziz Effat, told Egypt Oil&Gas.
Riyadh, Cairo to Create Joint Investment Fund of $16b
Riyadh and Cairo inked a memorandum of understanding (MoU) for the establishment of a joint investment fund, with a capital of $16b, to be created between Saudi Public Investment Fund and its entities, and the Egyptian government and its entities.
Taqa Arabia Opens 6th Fuel Station in Upper Egypt
Taqa Arabia's Managing Director, Mohamed Nafea, said that the company has opened its sixth fuel station in Upper Egypt to supply cars with benzene and diesel fuel, Egypt Oil & Gas reported.
