Latest in Energy Highlight
Latest in Energy
KarmSolar identified among companies to inspire Africa 2019: LSEG’s report
KarmSolar, Egypt’s fastest growing solar energy solutions company, has been identified by the London Stock Exchange Group (LSEG) as one of the Companies to Inspire Africa 2019 listing. The LSEG report acknowledged Africa’s most dynamic businesses. Companies need to be privately held, and show an excellent rate of growth and potential to push African development, …
Carbon Holding disbursed $220m for Tahrir Complex project so far
Company to repay $10m annually for usufruct: Former Petroleum Minister
Fuel subsidies phasing out faces significant challenges which must be faced: WB
According to the recent report issued by the Energy Sector Management Assistance Programme (ESMAP) which is administrated by the World Bank (WB), Egypt’s economy was adversely affected by a growing energy deficit, in the aftermath of the Arab Spring , slowing economic growth, increasing poverty, and socioeconomic transition. Egypt faced growing fiscal pressures. With fossil …
Fuel subsidies hurt industry, Egyptians alike: head of Petroleum, Mining Industries Chamber at FEI
For the Federation of Egyptian Industries (FEI), considering fuel subsidies was a significant step toward genuine economic reform which began with the floatation of the Egyptian pound, putting Egypt on the threshold of the required economic growth. The head of Petroleum and Mining Industries Chamber at the FEI, Tamer Abo Bakr, informed Daily News Egypt …
About 75% of fuel subsidies phased out till now, projected to be fully cut by 2020: secretary of fuel division at FECC
All the actions which have been taken since November 2016 until now definitely aim to boost economic growth, reform the Egyptian economy, according to the Secretary of Petroleum and Fuel Division at Federation of Egyptian Chambers of Commerce (FECC) Mohamed Abdel Moneam. He added that phasing out fuel subsidies is an essential procedure for the …
“Fuel subsidy reform plays a key role in fiscal consolidation”: IMF
In its third review under the extended arrangement in accordance with the Extended Fund Facility issued in July 2018, the International Monetary Fund (IMF) assured that the ongoing energy subsidy reform continues to play a key role in fiscal consolidation. It clarified that the fuel subsidy bill has decreased from 3.3% of the GDP in …
Egyptians bear 70% of fuel prices through threefold price hikes in 2 years
To meet the demands of the IMF to grant Egypt the $12bn loan, curb the budget deficit, and to deal with the increasing inflation rate, fuel subsidies underwent non-recurrent stages to be phased out, toward being fully suspended in 2019 according to a subsequent 2018 statement for the Minister of Petroleum and Mineral Resources, Tarek …
Arab, international companies offer establishing 5,500MW renewable energy plants: Electricity Minister
Ministry aims to shift implementing energy projects to auctions system
Waste-to-energy purchase tariff to be announced in weeks: Environment Minister
EU to fund national programme for waste management worth €60m
Egypt plans to increase electric connection capacity with Jordan to 1,000MW
“Relations between two countries witnessing positive development in all fields, especially in electricity sector,” say sources
NREA postpones receiving bids on Gulf of Suez wind farm to February
Decision came upon request of two of bidding companies
Oil prices rose to $59.9 as supply declines
Economic growth slowdown in importing countries threatens OPEC’s efforts to increase oil prices
Utilities for Dabaa Nuclear Power Plant completed
Constructions of first 1,200 MW nuclear reactor will begin in July next year, establishment of second reactor will begin in January 2021
EMGF discusses unlocking region’s potential
We aim to secure supply, demand, get competitive prices: source
Government seeks to transform Egypt into regional energy hub benefiting from sector growth
The oil and gas sector has been a pillar to the Egyptian economy in the last few years, contributing about 15% to the GDP, especially after the 2011 uprising negatively affected the tourism and investment sectors, drying up foreign currency reserves. The Executive Vice President of Operations at Egyptian Natural Gas Holding Company (EGAS), Magdy …
Increase in amount of gas exported to Jordan up to nearly 100m cf daily: Petroleum Ministry
Contract signed between Egypt, Jordan to provide 10% of electricity plants’ needs, says source
‘Synergy’ chosen as adviser of West Nile solar power plant construction with 200MW capacity
Company already started construction work, installation of cells
Reviewing gas pricing produced from Zohr to take place by end of 2019 according to agreement: EGPC
Article to be added to new gas exploration agreements to allow amending prices two years from production start
Goldman Sachs Group Inc, IIF, expect lower oil prices in 2019
Each dollar increase in oil barrels from budget target costs state additional EGP 3 to 4bn to support petroleum products: Finance Minister
Irrigation Ministry, EBRD sign €148.3m agreement to finance Kitchener Drain development
Project includes collection, treatment of wastewater, solid waste management, rehabilitation of Kitchener infrastructure
State electricity companies exchange stagnant spare parts saving EGP 1bn annually
State-run electricity production companies began to exchange unused spare parts in their stores for maintenance, replacement, and renovation works. An official in the ministry of electricity informed Daily News Egypt that the decision aims to ration expenses, control purchases, facilitate spare parts trading, and save time spent in this process. The decision is expected to …
EETC intends to stop purchasing energy, allow private sector to directly sell production
Electricity ministry committed to current contracts, negotiations underway: sources
Western Desert produces 60% of Egypt’s crude oil: El-Molla
Minister called on foreign oil companies to intensify exploration efforts in region
Frienergy allocates $200m investments in energy projects
Negotiations with banking institutions to lend $180m, share in funding projects: chairperson of Frienergy
Three companies request land to establish wind farms worth $500m
Land plots of 80 skm needed to launch 400MW energy projects
Gasoline 95 price tied to Brent price, exchange rate, transport costs: Petroleum Ministry spokesperson
No intention to increase prices of other fuels until end of current fiscal year
Government negotiations to bring down Egypt’s $2bn fine for Unión Fenosa
Compensation of partners to stop pumping of gas to Damietta LNG Plant with part of revenue: Source
Ganoub El Wadi to float tender for oil exploration in 10 Red Sea sites
Importance of providing necessary data to start exploration activity in region, allow international companies to better assess opportunities, prospects of oil, gas reserves
Firnas Shuman hired as consultant for establishment of solar power plant in Kom Ombo
Arab Fund for Economic, Social Development to fund project, contractors to be selected after completion of studies
HCWW is preparing to submit a tender for development of Kitchener Drain
Preparing prospectus, awaiting letter of no objection from the financiers: Raslan