News / Egypt
Cyprus Lauches Third Offshore Bidding Round
Cyprus has launched a third licensing round for offshore oil and gas drilling in the Mediterranean Sea, on the island’s southern coast. Blocks 6, 8, and 10 of the country's Exclusive Economic Zone are up for grabs.
Egypt’s Balance of Payments Deficit Increased to $3.4b
Egypt’s balance of payments (BOP) deficit jumped 240% in the first half of the 2015/2016 fiscal year to reach $3.4b, up from $1b last year, due to falling tourism receipts, Suez Canal revenues, and transfers, the Central Bank of Egypt (CBE) informed.
13 Fuel Vessels Held at Alexandria Port Awaiting Letters of Credit
Thirteen vessels loaded with fuel shipments have been held outside the Alexandria port for several days as the Egyptian General Petroleum Corporation (EGPC) has not delivered the cost of fuel.
Korean KEPCO Eyes New Nuclear Power Plants Deals in MENA
Korea Electric Power Corp. (KEPCO) wants to gain more contracts to build nuclear power plants in the Middle East to facilitate its goal of becoming one of the world's top nuclear power operators.
Israeli Gas Export Deals to Face Further Difficulties
The Israeli Supreme Court's ruling on the development of the Leviathan gas field will further complicate intended Israeli gas export deals with Egypt, Jordan, Turkey and other states.
Egypt to Build 2,000MW Water-Pumping Power Station
The Egyptian Ministry of Electricity and Renewable Energy is considering establishing a water-pumping and storage station to produce 2,000MW of electricity in Upper Egypt.
Egypt Unveils Economic Plan to Secure Foreign Funds
Egypt unveiled a long-awaited economic program in a bid to secure foreign aid and investment crucial to reviving its economy. The plan calls for the adoption of a value-added tax and the sale of stakes in government companies.
Environment Minister to Ratify Amended Environmental Law
Egypt's Minister of Environment, Khaled Fahmy, said he will cooperate with the parliament in ratifying the amended environmental law, following the recent cabinet reshuffle. A number of different strategies will be employed to review the energy issue in Egypt.
