Borouge sets up petrochemicals marketing company in Egypt
Borouge, a UAE petrochemicals company, said that it has set up a new marketing company in Cairo, Egypt to support its MENA growth strategy. The company, which provides plastics solutions, is looking to meet customer requirements in the region and said the new marketing company reflects its strong business relationship with customers in this fast-growing […]
Dragon Oil completes acquisition of BP’s Gulf of Suez assets (GUPCO)
Emirates National Oil Company (ENOC) subsidiary Dragon Oil has wrapped up its acquisition of BP’s Gulf of Suez assets for USD 500 million, the Oil Ministry said in a statement. A conflicting report by Al Arabiya puts the transaction value at USD 850 million, although the source of the figure remains unclear. BP and Dragon […]
Egypt announces Red Sea Offshore Bid Round result, awards 3 blocks
Egypt’s Minister of Petroleum and Mineral Resources Tarek al-Molla announced on Sunday the results of the first international bid round for oil and gas exploration in the Red Sea, put up for bidding by the South Valley Egyptian Holding Company for Petroleum (Ganope) last March. The American Chevron Corporation won block one, while the Dutch […]
Egypt signs four Oil & Gas E&P Agreements worth $155 million
The Egyptian General Petroleum Company (EGPC) and Ganope have signed four oil and gas exploration and production agreements that will see companies invest at least USD 155 mn to develop concessions in the Gulf of Suez, Nile Valley, and the westert desert, according to an Oil Ministry statement. The agreements also include USD 10.5 mn-worth […]
Egypt’s Investment Minister, Mubadala Petroleum CDO discuss opportunities
UAE encouraging companies to invest in Egypt – Mubadala CDO: The Emirati government is encouraging companies to increase their investments in the Egyptian oil and gas, renewable energy, and construction sectors, Mubadala Chief Development Officer Sheikh Mansour Al Hamed told Investment Minister Sahar Nasr during talks yesterday, according to a ministry statement. Mubadala’s Egyptian assets […]
Egypt to invest EGP 75 billion in 2020 to improve electricity grids
Minister of Electricity and Renewable Energy Mohamed Shaker said on Monday Egypt will implement a plan with investments exceeding EGP 75 billion to improve electric grids nationwide in 2020. In statements to Nile TV channel on the sidelines of the World Youth Forum in Sharm El-Sheikh, Shaker pointed to an annual programme at the Electricity […]
Arab, foreign companies look to acquire plants in Benban solar park in Egypt
A number of Arab and foreign companies are in “extensive” negotiations to acquire solar plants in the recently inaugurated Benban solar power park, unnamed sources tell the local press. According to the sources, an unnamed company is closing in on acquiring Italy’s Enerray’s 50 MW plant, while two Emirati companies are looking to acquire three […]
Production at Shell’s Burullus, Rashid gas fields rises up to 440 mmcf/d
The production of Dutch Shell’s Burullus and Rashid gas fields in the deep waters of the Mediterranean Sea increased to 440m cubic feet per day (scf/day), compared to 300m scf/day in the first quarter of this fiscal year 2019/20. A source in the Egyptian Natural Gas Holding Company (EGAS) said that linking 80m scf/day from […]
El Molla meets with BP’s Bernard Looney to discuss gas projects
Minister of Oil and Mineral Wealth Tarek el Molla conferred on Monday with the newly-appointed Chief Executive Officer of British Petroleum Company Bernard Looney and Chief Executive of Operations, Exploration and Research William Lane and Regional President of BP in North Africa and the Middle East Hisham Mekawy and BP Chairman in Egypt Karim Alaa. […]
United Oil & Gas raises $6.3 million to fund Rockhopper Egypt acquisition
United Oil conditionally raises USD 6.3 million to partially fund Rockhopper Egypt acquisition: Irish energy company United Oil & Gas has conditionally raised USD 6.3 million to partially finance its planned USD 16 million acquisition of Rockhopper Egypt’s business, United Oil said in an LSE disclosure. The company raised the amount through a share issuance, […]
