KarmSolar to sell a minority stake to investors via a capital increase
Solar energy company KarmSolar will sell a minority stake to investors via a capital increase as it looks to expand its presence in Egypt and across the region, it said in a statement. The company hopes to raise “a significant amount” in the investment round, KarmSolar CEO Ahmed Zahran told Enterprise, but stopped short of disclosing the target sum […]
Petronas Exploring $3 Billion African Upstream Asset Sale
Petronas could sell its Egyptian upstream assets as it looks to offload part of its African portfolio: Malaysian oil firm Petroliam Nasional Berhad (Petronas) is inviting bids for its upstream assets in Africa — including its local concessions — in a transaction that could be worth up to USD 3 bn, Bloomberg reports, citing sources it says has knowledge of the […]
SCZone, Toyota Tsusho sign MoU on low-carbon energy projects
The Suez Canal Economic Zone (SCZone) and Japan’s Toyota Tsusho signed an agreement to conduct feasibility studies for joint projects in low-carbon infrastructure, renewable energy, water, green and blue hydrogen, and blue and green ammonia, the SCZone said Wednesday. Toyota last week presented to the Oil Ministry the results of an initial six-month study into producing blue ammonia in Egypt. (Source: […]
ADNOC Distribution to acquire 50% stake in TotalEnergies’ Fuel Retail and Lubricants Business in Egypt
Delivering on its commitment to pursue attractive international growth, ADNOC Distribution signs an agreement to acquire a stake in a significant portfolio, which includes 240 fuel retail stations, wholesale fuel, aviation fuel and lubricants operations. c. $203 million investment is the largest in ADNOC Distribution’s history. The acquisition will accelerate ADNOC Distribution’s international growth following […]
ExxonMobil Egypt Applauds Winning Team of Ain Shams University in Enactus Egypt’s National Competition
ExxonMobil Egypt proudly joined the final round of Enactus Egypt’s annual national competition, bringing together 1,200 students. Ain Shams University Enactus team is the national champion of this competition with an innovative project entitled “Crevita”, for the use of crayfish shells in multiple applications, including poultry feed and bio-pesticides, among other uses. On July 18th, 28 teams from different universities […]
Infinity & AFC buy Lekela in Africa’s largest-ever renewables acquisition
Infinity will become Africa’s largest renewables player through Lekela acquisition. Infinity + AFC just sealed Africa’s largest-ever renewables acquisition: Renewables player Infinity Group and Africa Finance Corporation (AFC) have signed an agreement to acquire 100% of Lekela Power in what is Africa’s largest renewables acquisition, the companies involved said in separate statements. The acquisition will give […]
Saudi Alhokair subsidiary FAS Energy to build $450 mn solar plant in Egypt
Alhokair Group subsidiary FAS Energy is planning to invest some USD 450 mn (SAR 1.7 bn) to construct a 500 MW solar plant in Egypt in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC), FAS Energy CEO Sabri Asfour told Enterprise. The firm is in final negotiations on the location of the plant, and hopes to sign […]
ACWA Power, Hassan Allam consortium signs deal for 1.1GW wind project in Egypt worth US$1.5 bn
The 1.1 GW project is one of the largest onshore wind farms in the world and the largest in the Middle East. Agreement signed during HRH Mohammed Bin Salman, Crown Prince of Saudi Arabia’s state visit to Egypt. Project marks ACWA Power’s expansion in the country to three projects. ACWA Power, a leading Saudi developer, investor […]
Egypt, Ajlan & Bros ink $3.3 bn deal to build petroleum storage complex
Ajlan & Bros to build oil storage complex: Saudi conglomerate Ajlan & Bros inked a USD 3.3 bn agreement to build a facility for storing petroleum products with the Egyptian Arab Supply Chain Group Company, according to Arab News. The storage complex made up more than 40% of the value agreements signed with KSA yesterday. The company signed six […]
Chevron signs agreement to drill first its exploration well in Egypt’s Mediterranean
US energy company Chevron is planning to drill the first exploration well in its concession area in the eastern Mediterranean next September, the firm’s president Mike Wirth said. The move comes as the Egyptian Natural Gas Holding Co., or EGAS, signed an initial agreement with the US company to cooperate in the activities of transporting, […]
