Latest in Energy Highlight
Latest in Energy
Five year plan for oil sector revealed
During the previous fiscal year (FY) 2014/2015, the oil and gas demand increased by 0.5m tonnes to a total of 73m tonnes. The share of demanded oil was 38m tonnes, of which 36% was fuel oil, 36% was gas oil, 16% gasoline, and 11% LPG
Oil prices register most significant decrease in 12 years, Gulf’s stock markets retreat
Egypt will work on increasing its oil imports to make use of Brent’s price decrease, says official
$6bn investment opportunity in wind and solar to 2018: EFG Hermes
Egypt needs to add about 8GW of renewable power to its energy mix
President Al-Sisi, King Salman to meet in February to discuss fuel supply to Egypt
Shipments of Petroleum materials will begin arriving to Egypt in February
Cooperation agreement between KarmSolar and Plus Leasing to irrigate 1.5m acres with solar energy
Plus Leasing has allocated EGP 30m to achieve this goal during 2016.
Egypt to import 3m barrels of crude oil per month from Kuwait, contract to end in September
Facility will be allowed for full payment within 30 days for an extra million barrels, says official
Saudi Arabia to reduce its reliance on oil
In a bid to shore up the Middle East nation’s finances battered by the global slump in crude prices, Saudi King Salman has pledged to diversify the country’s economy and veer off its heavy dependence on oil.
Oil prices hit fresh lows, dragging markets along
A barrel of the black stuff, which consistently traded above $100 between 2011 and 2013, now costs around $35, as OPEC continues to pump out the oil. Reasons include a bid to halt rival industries like shale “fracking.” Oil prices sank to the lowest level in seven years on Monday, hammering stocks and raising concern …
Shell to cut more jobs as BG takeover nears
Anglo-Dutch oil giant Shell has said thousands more jobs will be slashed, if the takeover of British utility company BG can be finalized as planned. The firm said the move was necessary to save costs in the years ahead. Royal Dutch Shell said Monday it expected to cut 2,800 more jobs globally to save costs, …
Egypt has leverage over Israel, being the bottleneck to Tel Aviv’s gas: Official
EMG has not been paying for gas in 10 months, we warned about terminating contract several times, says former minister
EGPC urges Aramco to provide petroleum shipments worth $300m
Ministry of International Cooperation negotiating with Saudi Arabia on long-term petroleum facilities, according to an official source
BP broadens stake in Egypt’s West Nile Delta project
Company acquired 22.75% in the North Alexandria concession as well as 2.75% in West Mediterranean Concession
Germany’s RWE to spin off renewables unit
Germany’s second-largest power firm RWE has confirmed it is to split its operations by separating renewables, grids and retail operations from conventional operations. It is to be listed on the stock market in late 2016. The aim of the spin-off was to “create a platform for growth with its own access to the capital market. …
Gas market regulation authority to be launched next year: petroleum minister
Egypt will continue to import gas even after Zohr field discovery to secure urgent needs, says El Molla
Energy for all of Africa by 2030?
Almost two-thirds of people living in sub-Saharan Africa have no access to electricity. Even those who are connected to the grid often find themselves struggling with blackouts. In 15 years, this could change. In Zimbabwe, a country of 14 million people, the past two months have seen power outages that last sometimes 20 hours a …
IFC provides power to 10.7 million MENA customers in 2014
IFC’s contribution to energy sector aided in raising the region’s capacity with an excess of 10,000 GW
Launching stocks suspended after obtaining funds for expansion: MIDOR CEO
$280m increase in shareholders’ capital of the company, according to source
Russia halts gas deliveries to Ukraine, Kyiv responds
Russia has said it is halting its gas supplies to Ukraine, waiting for Kyiv to make more upfront payments. Energy giant Gazprom sees serious risks to secure gas transit to Europe via Ukraine this winter. Russian state giant Gazprom on Wednesday said it had halted gas deliveries to Ukraine after Kyiv failed to make upfront …
Minister of Electricity reveals mechanisms of access to nuclear fuel, ways to dispose of it
Shaker explains terms of IAEA and Russian company to create El-Dabaa nuclear power plant
Russia inks deal to build Egypt’s first nuclear power plant
Russia has signed an agreement with Egypt to build the country’s first nuclear power plant. The deal includes a loan to cash-strapped Egypt, which has considered building a nuclear plant since the 1980s. Under the agreement signed on Thursday Russia’s state-owned nuclear company Rosatom would build and operate four 1,200 MW nuclear reactors at Dabaa …
Scatec Solar to construct $600m solar projects in Benban, Zafarana
Funding will be 25%-30% in equity and 70%-75% in bank loans
Rockefeller Fund: ‘The oil age is coming to an end’
Stephen Heintz, president of the Rockefeller Brothers Fund, explains to DW how it makes perfect sense that a fund which got rich on oil is now divesting from fossil fuels. With its announcement to pull out of oil and coal, the Rockefeller Brothers Fund shifted nearly a billion dollars of capital out of fossil fuels …
Greenpeace urges higher tax on German diesel
Environmental group Greenpeace has demanded an end to lower taxes for diesel. The call comes after a study showed higher measurements of pollutants in a number of German cities. Greenpeace said the financial privileges enjoyed by diesel were no longer sustainable, citing its own survey of public opinion. While diesel engines generally have lower carbon …
German utility Eon books record loss
German power supplier Eon has reported a hefty loss for the first nine months of the year as major write-downs on power stations keep weighing on the firm. The company will be split up by the end of 2015. Germany’s largest energy producer, Eon, on Wednesday reported a record loss of almost 5.7 billion euros …
Lekela Power signs MoU for $350m wind power station in Egypt
Actis Fund invested over $700m in Egypt to date, says director
BP accelerates development of first phase of Atoll field in Egypt
The first phase will consist of two development wells tied back to existing infrastructure, with production expected to start up in 2018, says Dudley
Low oil prices force rethink on reforms in Gulf states
The rapid decrease in oil prices has caused widespread fear in the Gulf states. Far-reaching economic reforms are inevitable. The question is, can reforms work in an absolute monarchy? In the Gulf states, numerous savings measures are currently under way. In the United Arab Emirates and Kuwait, subsidies were reduced, and fuel prices were raised. …
EGPC opens revolving letter of credit pertaining to North Alexandria gas
Fines to be imposed on BP and WRE DEA if linking wells to production is delayed
SSO invests $600m in solar energy programme for 2 years
Scatec Solar signed agreements with Egypt to participate in five solar projects at 250MW
The end of brown-coal power in Germany?
Germany’s economics minister and energy companies have agreed steps towards taking lignite-fired power plants off the grid. The plan is to help Germany reach its climate targets – but environmentalists say it’s ‘weak.’ Economics minister Sigmar Gabriel of the Social Democrats and energy companies RWE, Vattenfall and Mibrag have agreed that starting in October 2016, …