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Tag: East Mediterranean

East Mediterranean Gas Company loses appeal, to pay $174 million in debt

Posted: November 13, 2017 at 12:50 pm   /   Oil & Gas

Court orders East Mediterranean Gas Company to pay $174 mln in debt to Egypt’s National Bank. Egypt’s Court of Cassation has rejected an appeal by the East Mediterranean Gas Company against a 2016 ruling obliging the company to pay off $174 million in debt to Egypt’s National Bank. The company was founded and previously headed […]

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Egypt, Cyprus discuss capitalizing on East Mediterranean natural gas wealth

Posted: November 11, 2017 at 4:36 pm   /   Oil & Gas

Petroleum Minister Tarek El Molla received on Friday 10/11/2017 a Cypriot delegation comprising Cyprus Hydrocarbons Company Executive Manager Demetris Fessas along with the company’s Commercial Director Andreas Koutsoulides. The meeting falls within the framework of the ongoing consultations and negotiations regarding capitalizing on the Hydrocarbon wealth of the Mediterranean. Minister El Molla underscored the depth […]

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El Molla: Egypt's proven reserves of natural gas exceed 72 trillion cubic feet

Posted: November 4, 2017 at 8:03 pm   /   Oil & Gas

Minister of Petroleum and Mineral Resources Tarek El Molla revealed that the proven reserves of gas in Egypt exceed 72 trillion cubic feet (tcf), while the uncertain reserves reach 120 trillion cubic feet, stressing that international scientific research organizations say the promising future awaits the Eastern Mediterranean region with regard to gas. “We expect oil […]

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Cyprus working extensively to export its natural gas to Egypt

Posted: November 2, 2017 at 8:01 pm   /   Oil & Gas

Cyprus Hydrocarbon Company (CHC) is working “intensively” towards making gas exports to Egypt possible, General Manager Panos Kelamis told Cyprus Mail. “We want to clinch an agreement, because this would be an agreement for 15-20 years that will offer Cyprus the maximum … We definitely want to go to Egypt, but we have certainly looked […]

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