According to the White House, United State President Joe Biden's visit to the Middle East in mid-July was intended to reassure regional allies of continued engagement, affirming the US enduring commitment to the security and territorial defense of its partners, and recognizing the region’s increasingly important role as a trade and technology crossroads between hemispheres.
It was not expected that Russia would have the courage to take harsh measures against European countries that oppose its war against Ukraine, especially concerning energy supplies from crude oil and natural gas, as the Russian economy has recently become highly dependent on oil and gas sales. But it seems that the US and Western sanctions against Russia have prompted Russia to take these harsh decisions, which will negatively affect the economies of European countries and the US, as well as the Russian economy.
Eni announced its acquisition of Export LNG Ltd, the company that owns the Tango FLNG floating liquefaction facility. The facility will be used by Eni to develop natural gas in the Marine XII block in the Republic of Congo, as part of Eni's strategy to leverage gas equity resources.
The Chairman of Suez Canal Authority Osama Rabie disclosed that the Canal recorded the highest daily shipping rates on August 7, 2022 reaching 89 ships with total loadings 5.2 million tons from the two sides.
Minister of Petroleum and Mineral Resources Tarek El Molla laid the foundation stone for the expansion of the Al-Hamra Petroleum Port area.
The port is located on a beachy plot of land on an area of 120 acres with the aim of increasing the storage capacity of the port facilities by adding four storage tanks with a capacity of 630,000 barrels of crude each, to reach a storage capacity of 5.3 million barrels to facilitate the movement of trading and receiving crude oil in the port of Al-Hamra. This is in addition to the 420-acre plot of land adjacent to the area of the port of Al-Hamra, which will be used as an area for the circulation/distribution of petroleum products and a shipping station to serve the expansions of Al-Alamein, the new urban development, Al-Alamein and Al-Masahah areas.
Prime Minister Mostafa Madbouly has conducted a ministerial economic committee meeting to follow up on the latest economic situation and governmental efforts to overcome the consequences of the Russia-Ukraine war.
If Moscow doesn't heed a price cap, the wealthy nations of the Group of Seven (G7) are considering, among other things, restricting the shipping of Russian oil to deprive Moscow of bumper revenues during its invasion of Ukraine.
bp announced plans to invest up to £50 million (about $60 million) in a brand-new, cutting-edge analytical laboratory and electric vehicle (EV) battery testing facility in the UK. The UK's energy system will receive up to £18 billion in new investments from bp by the end of 2030; this additional investment is another another sign of BP's dedication to the nation.
Prime Minister Mostafa Madbouly held a meeting this evening to follow up on the plans for electrical interconnection with a number of neighboring countries, as well as review the efforts being made to establish green hydrogen projects in Egypt.
A strategic partnership between Iberdrola and bp was announced today to accelerate the energy transition. As part of their collaboration, the companies plan to significantly expand fast EV public charging infrastructure and develop large scale green hydrogen production hubs in Spain, Portugal, and the UK.
