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Tag: Investment

Egypt aims for $10 bn in new oil & gas foreign investment in FY2018/19

Posted: April 23, 2018 at 5:35 pm   /   Oil & Gas

Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018/19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said on Sunday. Molla said he expected foreign investments to total the same amount for the current fiscal year, marking a 25 percent increase from […]

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Yorktown to sell its Egypt oil & gas business Merlon

Posted: April 22, 2018 at 5:06 pm   /   Oil & Gas

Private equity firm hopes to raise up to $400 million. Citigroup running process, bids expected by July. Private equity firm Yorktown Partners is selling its Egyptian-focused oil and gas company Merlon International, hoping to raise up to $400 million, two banking sources told Reuters. The process is being run by Citigroup and bids are expected to be […]

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Carbon Holdings to reach financial closure for Tahrir Petrochemicals Complex by year end

Posted: April 22, 2018 at 4:36 pm   /   Oil & Gas

Carbon Holdings aims to reach financial close on $10.6 billion Tahrir petrochemicals complex by year’s end, CEO Basil El Baz says. Carbon Holdings is covering 26% of the project’s cost, with the remainder set to be funded by development finance institutions from the US, Germany, and the UK. Tahrir Petrochemicals will be built in the […]

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ADIA to invest $2 billion in Egypt’s electricity, oil & gas sectors

Posted: April 12, 2018 at 12:22 pm   /   Electricity & Power

UAE’s ADIA to invest USD 2 billion in Egypt’s electricity, oil, and infrastructure in 2H2018: The Abu Dhabi Investment Authority (ADIA) is planning to invest USD 2 billion in Egypt’s electricity, oil, and infrastructure sectors in 2H2018, the head of the Arab Union for Direct Investment (AUDI) Mohamed Sameh tells Ahram Gate. Investments from the […]

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Apache plans on drilling 50 new exploration wells in Egypt in 2018/2019

Posted: March 25, 2018 at 7:02 pm   /   Oil & Gas

Apache is planning on drilling 50 new exploratory wells in Egypt in the coming fiscal year through its Qarun and Khalda Petroleum subsidiaries, both JVs with EGPC, Apache CEO John Christmann said on Thursday, according to a report in state-owned Ahram Gate. Christmann said he expects the sector to “witness a boom” in FY2018-19. Apache’s […]

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Power dominates MENA energy investment plans – Oil & Gas Journal

Posted: March 25, 2018 at 6:53 pm   /   Electricity & Power

Electric power accounts for most energy investment planned in the Middle East and North Africa (MENA) during the next 5 years as oil and gas spending recovers in the region’s major oil-producing countries. Arab Petroleum Investments Corp. (Apicorp), Dammam, projects 5-year energy spending of $919 billion in MENA countries. Of that, $345 billion is for […]

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Dana Gas to spend $47 million CAPEX in Egypt this year, CEO says

Posted: March 18, 2018 at 4:31 pm   /   Oil & Gas

United Arab Emirates-based energy firm Dana Gas will spend $47 million in Egypt this year but any new investments will be made only if the country pays some of the money it owes, Dana’s chief executive said on Thursday. Abu Dhabi-listed Dana has been struggling to recover payments from Egypt, with total “receivables” related to […]

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BP to sell mature oil field assets in Egypt, shifts focus to gas

Posted: March 18, 2018 at 1:06 pm   /   Oil & Gas

U.K. company has begun process to sell mature fields in Egypt. A sale could be sensitive because the assets employ thousands. BP Plc has begun a process to sell mature oil fields in Egypt as it shifts investment in the country to natural gas, according to people with knowledge of the matter. The so-called Gulf […]

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Egypt inaugurates first phase of 1.8 GW Benban solar park

Posted: March 16, 2018 at 2:05 pm   /   Renewables

Infinity Solar inaugurated its 50 MW power plant as part of Benban solar park. Egypt’s Minister of Electricity Mohamed Shaker inaugurated on Tuesday the first phase of Egypt’s Benban solar park in Aswan, set to be largest in the world upon completion at 1.8 GW total capacity, Arabic Ahram news website reported. The event marks […]

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Carbon Holdings plans potentially the largest IPO in Egypt since 2011

Posted: March 11, 2018 at 8:40 pm   /   Oil & Gas

Carbon Holdings has reportedly tapped a top investment banking house to serve as advisor and global coordinator for an IPO that would value the company north of USD 1 billion, we’re told by sources with knowledge of the preparations. The stake sale is likely to be the largest IPO in Egypt since 2011; the structure […]

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