Latest in Energy Highlight
Latest in Energy
Renewable energy comprises 20% of Egypt’s total electricity: Electricity Minister
Egypt has faced significant challenges in securing its electricity needs, which affected investment in previous years
Egypt to launch new renewable energy projects by year-end: Electricity Minister
‘We received offers to buy energy at 2.45 piasters from solar power plants, 3 piasters from wind farms,’ says Shaker
Egypt’s NREA, Denmark’s Vestas to sign 250 MW wind farm contract
Wind farm’s implementation is scheduled to take place within two years
Egypt cancels tender to establish 200 MW solar power plant in west Nile
Informed sources told Daily News Egypt that the EETC has already informed the 13 companies, which had qualified to bid for the project, of its new decision.
Oil prices gain amid positive data
West Texas Intermediate for September delivery rose to $41.01 a barrel, while Brent crude for October delivery climbed to $44.15 a barrel
UAE announces operation of 1st Arab nuclear power plant
“We proudly witness start of Barakah nuclear power plant operations, in alignment with highest international safety standards,” Abu Dhabi crown prince tweeted
Oil prices sink amid demand fears
Oil prices plunged as West Texas Intermediate for September delivery fell $1.35 to$39.92 a barrel, while Brent crude lost 81 cents to $42.94 a barrel
Oil prices gain after US inventories drop
Oil prices also got a lift from weak US dollar as there is normally a reverse correlation between foreign exchange value of the US dollar and oil prices
Egypt finalises 12 gas exploration agreements: Petroleum Minister
Country’s arrears to foreign oil companies down to $850m in June, despite COVID-19, says El-Molla
BP Egypt confirms successful well test at Bashrush discovery
The test was the latest activity in the ongoing appraisal programme at the Bashrush discovery, located in the Nile Delta’s North El Hammad concession area. The well test delivered up to 32 MMscf of gas, with a production estimate of up to 100 MMscf of gas and 800 barrels of condensate per day.
Oil prices slip amid multiple headwinds
West Texas Intermediate for September delivery settled at $41.07 a barrel, while Brent crude oil for September delivery was down to close at $43.31 a barrel
US crude oil production increases last week: EIA
US crude oil imports and exports both increased during the week ending July 17, the US Energy Information Administration
Oil prices climb amid demand hopes
Meanwhile, Brent crude oil for September delivery advanced 1.04 dollars to close at 44.32 dollars a barrel on the London ICE Futures Exchange.
Schneider Electric Inks $290m deal to optimize Egypt’s electricity network
Egyptian Electricity Holding Company signed an agreement with Schneider Electric to build 4 control centers to monitor and optimize electricity network
Global oil demand to record historic growth in 2021: OPEC
While oil demand is still ravaged by COVID-19 crisis, gradual stabilization is expected to begin in Q2 of 2020, prompting cautious growth forecast in 2021
Egyptian consortium competes in transmission line tenders in Morocco
Several tenders already won by consortium in cooperation with local authorities, says Koraytem
ABB, Hitachi launch $10bn joint power venture
New company to develop energy networks to meet growing demand for, and increase volume of, renewable energy in electricity system
Petroleum Minister announces new gold discovery of 1m ounces reserve
The reserve, which has a 95% recovery rate, has one of the highest rates of extraction, and with a total $1bn investment over the next 10 years.
Energean negotiates a new price for Edison asset deal at $284m
Energean will gain operations in Egypt, Italy, UK, Croatia and Malta , while Edison will keep its assets in Algeria and Norway
World Bank praises Egypt’s reducing new electricity connection timeframe to 18 days
Electricity Ministry has programme to replace overhead cables with ground cables
80% of Karish and Tanin development in Mediterranean completed: Energean
Project begins in Q4 of 2020
ADNOC signs $20.7bn deal to develop UAE energy infrastructure
The company added that investors will acquire a 49% stake in ADNOC Gas Pipes assets, a subsidiary of ADNOC. The subsidiary, which is newly established, has the rights to lease 38 pipelines, at a total length of 982.3 km. ADNOC will retain the remaining majority stake of 51%.
EGAS applies exemptions for natural gas industrial consumers if old debts paid
EGAS decision valid until year end
IFC invests $10m in Egypt’s Globaltronics to enhance energy efficiency
Project is part of World Bank Group’s strategy to help Egypt optimise its overall domestic electricity consumption, says Globaltronics Chairperson
HIDELECO, Military Production Ministry cooperate to manufacture electricity transmission equipment
EGP 100m allocated to support electricity lines in Owaynat and Gabal Al-Kamel areas
Egypt exempts industrial sector of EGP 5.3bn debts for natural gas consumption
Ministry submits proposals in August 2019 to schedule debt arrears by ceramics companies, says El Molla
Facilities put in place for replacing unmetered power connections with metering system
New meters will ensure citizens are held accountable for usage according to actual consumption rates
EETC, Chinese consortium contract on EGP 303m worth Madinaty 2 transformer substation
EETC Chairperson Sabah Mashaly said the contract covers the transformer’s construction, with equipment of 220/66 kV of the gas-insulated type, which will operate under the Cairo Electricity Distribution Company.
APICORP anticipates $792bn investments in MENA energy over 5 years
Egypt implements petrochemical projects worth $38bn in 2020-2024
Electricity Ministry negotiates local bank loan to finance EGP 20bn grid support projects
No alternative to rising electricity prices, despite reduced consumption and collection during COVID-19