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Tag: Investment

Prime Minister: Egypt to repay more IOC arrears before the end of 2017

Posted: October 16, 2017 at 12:31 pm   /   Oil & Gas

The Egyptian government is planning to repay a portion of its arrears to international oil companies before the end of 2017, especially as they have been expanding their investments in the country, Prime Minister Sherif Ismail told the press on Sunday. IOCs had raised investments in Egypt to USD 10 bn this year, while arrears […]

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Shell plans on drilling 63 wells in Egypt's Western Desert in 2018

Posted: October 13, 2017 at 4:12 pm   /   Oil & Gas

Royal Dutch Shell planned to drill 63 wells in Egypt in 2018 at different geological structures in the Western Desert, Shell’s Upstream International Director Andrew Brown announced Thursday. “This targets increasing oil and gas production volume in the Western Desert,” Brown added. In a Thursday meeting with Prime Minister Sherif Ismail and Minister of Petroleum […]

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UK Ambassador: BP to invest $13 billion in Egypt over the next 5 years

Posted: September 19, 2017 at 1:03 pm   /   Oil & Gas

Cairo will receive a new wave of British investments as a business delegation is visiting Egypt in late September to explore new opportunities in the non-oil sector, including infrastructure, health care, railway and ports, British Ambassador to Egypt said Monday. “Over the past 10 years, the UK companies have invested $43 billion,” Ambassador John Casson […]

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El Molla: IOCs raised Egypt investment to $10 bn this year

Posted: September 18, 2017 at 12:49 pm   /   Oil & Gas

International oil companies (IOCs) have raised their investments in Egypt to USD 10 billion this year on the back of payments the government have been making to arrears it owes them, Oil Minister Tarek El Molla tells Al Borsa on Saturday. Arrears had fallen to USD 2.3 billion, the lowest it has been since 2013, […]

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Baker Hughes interested in boosting its investment in Egypt

Posted: September 5, 2017 at 2:24 pm   /   Oil & Gas

General Electric’s subsidiary, Baker Hughes, is interested in increasing its investment in Egypt, participating in the petroleum sector’s development plan and offering training programs, Vice Chairman Ayman Khattab said Thursday. In a meeting with Minister of Petroleum Tarek al-Molla, attended by the company’s General Manager Sameh Hussein, Khattab said that Baker Hughes is planning to […]

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IFC pledges $100 million to oil and gas projects in Egypt

Posted: August 30, 2017 at 12:27 pm   /   Oil & Gas

The International Finance Corporation has pledged USD 100 mn to oil and gas projects being carried out by major global firms in Egypt, an Investment and International Cooperation Ministry statement says (pdf). This comes as the World Bank Group’s executive board agreed to help fund projects worth a combined USD 500 mn in Egypt’s oil […]

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El Molla discusses with CEO of Engie Global LNG investment opportunities in Egypt

Posted: August 27, 2017 at 12:45 pm   /   Oil & Gas

Oil Minister Tarek El Molla sat down with Philip Olivier, CEO of Engie Global LNG to discuss both the company’s current operations in importing LNG, and to urge it to expand its investments in Egypt, according to a ministry statement picked up by Al Masry Al Youm. Petroleum Minister Tarek El Molla discussed on Friday […]

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Upstream: Egypt has turned a corner

Posted: July 8, 2017 at 5:28 pm   /   Oil & Gas

Egypt’s decision to hike fuel prices is a bold measure that will help to settle outstanding debts to international oil companies that have faced payment delays since the revolution in 2011, writes Nassir Shirkhani. The cut to energy subsidies will save the government $2 billion a year and discourage wasteful consumption in a country where […]

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