Suez Canal | Egypt Oil & Gas - Part 2
Petrojet Finalizes Drilling Ahmed Hamdy Tunnel 2
President Abdel Fattah El Sisi has witnessed the ending of the drilling operations of Ahmed Hamdy Tunnel 2 implemented by Petrojet under the Suez Canal, according to a statement published by the company’s offici...
Petrojet Completes Major Projects in Suez Canal
The Ministry of Petroleum revealed that Petrojet has successfully implemented a number of projects valued at EGP 22 billion, in coordination with the Armed Forces Engineering Authority, Al Ahram reported. Projects inc...
More Oil Moved through Suez Canal
The movement of vessels carrying oil and petroleum derivatives through the Suez Canal has increased by 36% from 6. 8m tons in December 2015 to reach 9.3m tons in December 2016, reported Al Mal News. The movement of Be...
Suez Canal Authorities Set New Fares for VLCCs
New toll rates have been set by Egypt’s Suez Canal Authority, as part of a six-month experiment, for the oil tankers that will be using the vital waterway to deliver very large crude carriers (VLCCs), reported Reuters...
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 Egyptia...
Egypt’s Central Bank Records $27m Increase in Foreign Reserves
The Central Bank of Egypt (CBE) revealed that the foreign exchange reserves increased during March by approximately $27m, registering $16.561b, compared to $16.534b in February, reported Daily News Egypt. According to...
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 Cent...
Saudi Pledges New Investments, Oil Support for Egypt
Saudi Arabia and Egypt signed an agreement that will renew kingdom’s economic support for Cairo via oil assistance and additional $8b worth of investments in the next five years, Ahram Online reports. The agreem...
