The Iraqi Cabinet has approved the recommendation of the Ministerial Council for Energy for conducting a tender to drill 96 oil wells in Basra.

The Cabinet headed by Mostafa Madboulfy, the Prime Minister, approved to finance the proposed green incentive for car owners, as part of the President’s initiative, Abdel Fattah El-Sisi, to replace obsolete cars to run on natural gas.

The Prime Minister, Mostafa Madbouly, met with the Ministers of Petroleum and Mineral Resources, Finance, and Tarde and Industry to review the executive situation of natural gas stations, affirming that the expansion of establishing stations for natural gas supply, recharging electric cars, and exploiting the current infrastructure of the existing fuel stations is a vital topic in light of the strategy adopted by the state to convert cars to run on natural gas.

The Egyptian Cabinet approved three draft laws for three exploration and production (E&P) agreements.

The Media Center of the Cabinet issued a report shedding light on the most important achievements that led to Egypt's economic resilience during coronavirus, on top of which are several milestones of the petroleum sector.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, said that natural gas usage as fuel will save about EGP 1,200 monthly for each citizen who uses an average 10 liters of gasoline 92 per month.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, raised the subject of establishing a pipeline to transport crude oil from Iraq to Egypt and Jordan.

The Prime Minister, Mostafa Madbouly, had opened an eight-kilometer new crude oil pipeline at Al Hamra petroleum port in Al Alamein worth $100 million.

The Minister of Commerce and Industry, Neveen Gamea, reviewed new details of the initiative to replace obsolete vehicles with vehicles running on natural gas.

A summary of last two week’s major macroeconomic updates and indicators brought to you on one page for your convenience.