President Sisi urges modernization of Egypt’s petrochemical industry
President Sisi urged maximizing the economic benefits of Egypt’s natural resources to serve the country’s goal to become a regional trading hub for oil and natural gas. President Abdel Fattah El Sisi urged the government to continue upgrading the petroleum sector by improving Egypt’s value-added petrochemical industry to cope with sequential changes in the global […]
Egypt, ExxonMobil sign two offshore Mediterranean exploration agreements
Egypt has signed two deals with Exxon Mobil Corp for oil and gas exploration in the Mediterranean, the petroleum ministry said on Tuesday. The deals involve a minimum investment of $332 million, the ministry said in a statement. Exxon Mobil announced the acquisition of more than 1.7 million acres last month. The first agreement is […]
HSBC frontrunner to advise Sovereign Fund on Siemens plant stake sale
Sovereign fund to tap HSBC as advisor on combined-cycle plant stake sale? HSBC is reportedly the frontrunner to advise the Sovereign Fund of Egypt on the sale of a 70% stake in the first of three Siemens / Elsewedy Electric / Orascom Construction combined-cycle power plants, Hapi Journal reports. Previous domestic press reports had indicated […]
El Molla inaugurates first integrated fuel, charging station in Port Said
Petroleum Minister Tarek al Molla and Sports and Youth Minister Ashraf Sobhy inaugurated on Sunday an integrated station to fuel cars with natural gas and liquefied petroleum gas and charge them with electricity in Port Said governorate. The new station, which is first of its kind in Egypt, is established with a joint Egyptian-Italian investment, […]
MEES: Egypt’s independent Cheiron is frontrunner for Dana Gas’ assets
Egypt’s Cheiron Tipped For Dana Assets: MEES learns that Egyptian independent Cheiron is the frontrunner for UAE-based Dana Gas’ Egypt acreage, which was officially put on sale for $500 million in July last year. Dana’s decision to sell-up was precipitated following the flop of its Merak prospect, located in the country’s Mediterranean offshore, north of […]
Egypt signs 9 Oil & Gas E&P agreements in Mediterranean, Western Desert
EGPC signs USD 450 million in Oil and Gas E&P agreements: The state-owned Egyptian General Petroleum Corporation (EGPC) yesterday signed nine oil and gas exploration and production agreements that will see companies invest at least USD 452 million to drill 38 wells in concessions in the Mediterranean and Western Desert, the cabinet said in a […]
Mubadala-backed Alcazar Energy considers sale of Egypt, Jordan assets
Potential sale is precursor to firm raising another fund. Governments seek to increase renewable-energy sources. Alcazar Energy Ltd., backed by Abu Dhabi’s Mubadala Investment, is preparing the sale of some of their solar and wind assets in Egypt and Jordan, people with knowledge of the matter said. The renewable-energy developer is in talks with banks […]
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 […]