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Tag: Investment

Egypt plans to implement 11 gas projects worth $17.5 billion until 2023

Posted: December 3, 2017 at 7:29 pm   /   Oil & Gas

Petroleum Minister: We aim to produce 1.9 bcf per day, and 50,000 barrels of condensates. The Ministry of Petroleum and Mineral Resources plans to develop 11 projects in natural gas fields with investments amounting to $17.5 billion. Petroleum Minister Tarek El-Molla told the Daily News Egypt that the ministry aims to produce 1.9 billion cubic […]

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BMI Research: Clouds breaking in Egypt's Solar Sector

Posted: November 26, 2017 at 1:32 pm   /   Renewables

BMI: Egypt’s solar industry outlook brightens as competition brings prices down. Research firm says Egypt is investing heavily in energy generation as population booms. Egypt’s solar industry is becoming more attractive amid falling solar costs and intensified competition that will boost growth of utilities and energy in the Arab world’s most populous nation, according to […]

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Egypt's Parliament approves extending SUMED work for 27 years

Posted: November 21, 2017 at 4:00 pm   /   Oil & Gas

The Arab Petroleum Pipelines Company (SUMED) executes oil projects with investments of $415 million. The Energy and Environment Committee of the House of Representatives, headed by MP Talaat Al-Suwaidi, approved on Sunday a draft law of the government to extend the term of the Arab Petroleum Pipelines Company (SUMED). Hisham Lutfi, representative of the Ministry […]

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Rosneft says to invest over $2 billion in Egypt's Zohr in 2018-2021

Posted: November 14, 2017 at 7:39 pm   /   Oil & Gas

Russia’s largest oil producer Rosneft will invest more than $2 billion in Egypt’s Zohr gas field in the next four years, the company said in a presentation on Tuesday. It also said the production plateau at the field, where Rosneft may increase its stake to 35 percent, is seen at 29 billion cubic metres of […]

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El Molla: Petroleum investments reached $8.1 billion in FY 2016/2017

Posted: November 12, 2017 at 9:16 pm   /   Oil & Gas

Minister of Petroleum Tarek El Molla said Saturday that the current fiscal year witnessed an estimated investment of $ 8.1 billion in the petroleum sector. In a press conference, he said that the Petroleum Ministry targets $10 billion in investments during the current fiscal year 2017/2018, pointing out that the petroleum sector’s strategy aims to […]

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Egypt plans to double production of petrochemicals in 5 years

Posted: November 6, 2017 at 3:28 pm   /   Oil & Gas

The Ministry of Petroleum released a statement about developing of the petrochemical industries within the next five years until 2021. The statement assured that 8 projects were carried out worth $ 7.3 billion during the previous years. Capacity of those projects reach 5 million tons a year. The statement revealed that production of the medium […]

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Red Sea seismic survey results expected in 1H 2018

Posted: November 6, 2017 at 3:22 pm   /   Oil & Gas

The results of a seismic survey in the Red Sea are expected in the first half of 2018, industry sources told Youm7. The ministry anticipates that exploration operations in the Red Sea will attract investments of USD 750 million. (Source: Enterprise.press)

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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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BPE Partners, Infinity Solar invest $190m in 130 MW Benban solar plants

Posted: November 1, 2017 at 5:02 pm   /   Renewables

BPE Partners (formerly Beltone Private Equity), the Egypt-based Egypt-focused private equity manager, jointly with Infinity Solar Energy SAE “Infinity”, an Egyptian renewable energy developer, and Ib Vogt GmbH, an international solar developer established in Germany, have successfully reached financial closure of three solar power plants located in Benban, Egypt for a total capacity of 130MW. […]

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Egypt to pay off arrears to IOCs in two years – El Molla

Posted: November 1, 2017 at 1:14 pm   /   Oil & Gas

Egypt will fully pay off its debt to foreign oil companies within two years if it keeps making payments at the same rate, Oil Minister Tarek El Molla told a local newspaper on Tuesday. “It is hard to determine a specific date but we imagine that if the current rate of payment continues we will […]

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